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Nigerian Govt saved $20bn by removing subsidies – Finance minister, Edun

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The Federal Government says it has saved $20 billion by removing petrol subsidy and adopting market-based foreign exchange pricing.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this disclosure at an event in Abuja marking the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation. According to him, the two subsidies were costing the country five percent of the Gross Domestic Product, GDP. “When there was a subsidy on PMS and on foreign exchange, they collectively cost five percent of GDP.

recalls that President Bola Tinubu officially ended the petrol subsidy regime on May 29, 2023.

 

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