Harry Archie
The Federal Government says money saved from the removal of the fuel subsidy is being used to fund infrastructure, economic recovery and public welfare.
The Minister of Information and National Orientation, Mohammed Idris, said this on Wednesday in Abuja during a joint briefing with the Minister of Finance, Taiwo Oyedele, and the Minister of Budget and Economic Planning, Atiku Bagudu.
Idris described the subsidy removal as one of the toughest economic reforms introduced by President Bola Tinubu’s administration.
He acknowledged that the policy had created difficulties for individuals, families and businesses but said the savings were being redirected to projects that would benefit Nigerians.
He said Nigerians had the right to know how much money had been saved and how it was being spent.
Bagudu said the government’s economic reforms were introduced to reduce financial leakages, increase government revenue and restore confidence in the economy.
He said Nigeria had faced low revenue and limited resources for development, making reforms necessary.
Bagudu also disclosed that the Tinubu administration inherited more than $6 billion in unpaid petroleum import obligations when the country was already facing foreign exchange shortages.
He said the government had to take difficult decisions to stabilise the economy, attract investment and create better economic opportunities for Nigerians.
The minister expressed optimism that the reforms would improve Nigeria’s finances and support sustainable economic growth.
