Fuel subsidy costs Nigerian government N400 billion monthly, says Minister of Finance

📆 2024-02-24 5:12 PM
📰 DailyPostNGR

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Economy News

Fuel Subsidy,Nigerian Government,N400 Billion

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reveals that fuel subsidy is costing the Federal Government N400 billion monthly. President Bola Tinubu has declared the end of the fuel subsidy era to redirect funds towards developmental initiatives.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says fuel subsidy was costing the Federal Government N400 billion monthly. Edun revealed this in an interview on Channels Television monitored by DAILY POST. DAILY POST recalls that President Bola Tinubu, during his inauguration, declared the end of the fuel subsidy era to redirect funds towards developmental initiatives. “In terms of the government’s finances, they have been revamped and repaired.

“And it is not just the fact that there has been the removal of the petroleum subsidy which was costing N400 billion every month to the government at its height,' the minister said

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Governor of Central Bank and Minister of Finance appear before House of RepresentativesGovernor of the Central Bank of Nigeria, Yemi Cardoso and the Minister of Finance, Wale Edun are currently before the House of Representatives in the ongoing sectoral debate on the economy. The Executive Chairman of the Federal Inland Revenue Service, FIRS, Zacch Adedeji and the Minister of Budget and National Planning, Abubakar Bagudu are also before the lawmakers.
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