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

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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.

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