Hardship: Fuel, FX subsidies gone – Finance Minister gives update on Nigerian Economy

“Fuel and FX subsidies are extinguished,” he said, noting that the twin policies had imposed financial strain on Nigeria. Edun revealed that these subsidies had drained the country’s economy, costing over N10 trillion, which amounts to five percent of Nigeria’s Gross Domestic Product . This comes as the minister announced a new government plan aimed at addressing unemployment, with a focus on housing finance.

According to him, the policies and interventions to cushion the Naira crisis and inflation are based on empirical data and necessary steps. 'Policies and decisions will be based on evidence and data going forward', he said. Meanwhile, the Governor of Bauchi State, speaking at the event, condemned the policies put forward by the Federal Government. He emphasized that policies are the cause of the hardship Nigerians across the country face. “These policies are not working,” he declared.

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Nigeria’s net inflow hits about $2.35bn – Finance Minister, EdunThe Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said Nigeria's currency, the Naira, is relatively stable as the country now records about $2.35 billion as net inflow into the Central Bank foreign reserves. Edun disclosed this recently while speaking at the Access Bank annual cooperate forum of 2024 in Lagos.
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Nigeria will soon stop food imports – Finance Minister, EdunMinister of Finance, Wale Edun, has said that the Federal Government has outlined a strategy to increase domestic agricultural production and increase food security. Edun, disclosed this at a press conference in Abuja on Thursday to mark the country’s 64th Independence Day.
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Nigeria spends increased revenue on cash transfers – Finance Minister EdunNigeria's Minister of Finance, Wale Edun, said the country is spending its increased revenue on social investment, such as cash transfers to Nigerians. Edun disclosed this on Tuesday at a panel session during the 30th Nigeria Economic Summit in Abuja.
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