Finance Minister Wale Edun, revealed that the country has saved a substantial $20 billion through the removal of petrol subsidies and the adoption of market-driven foreign exchange pricing.
This financial maneuver was highlighted during an event marking the first 100 days in office of Esther Walso-Jack, head of the civil service of the federation.
Edun explained that these savings, which previously accounted for five percent of Nigeria's GDP, are now being redirected into critical sectors such as infrastructure, health, education, and social services.
"An amount of five percent of GDP is what those two subsidies were costing," Edun stated, emphasizing the potential for these funds to bolster national development.
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