News Formal

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

  • 📰 DailyPostNGR
  • ⏱ Reading Time:
  • 26 sec. here
  • 4 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 59%

Finance News

Fuel,Hardship

The Nigerian Government through the Minister of Finance, Wale Edun has reiterated that fuel and foreign exchange subsidy policies are gone. Edun disclosed this during the presentation of the Nigeria Development Update by the World Bank in Abuja on Thursday.

“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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

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.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

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.
Source: DailyPostNGR - 🏆 11. / 59 Read more »