$10bn Saved From Subsidy Removal In 2023 –Kalu

Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has said the removal of fuel subsidy had yielded major economic benefits for Nigeria, with the government saving $10 billion in 2023.

He also said the move had led to a 22% increase in dollar remittances from the diaspora, totalling $28 billion in 2024.

Kalu gave the highlights of the achievements by the President Bola Tinubu-led administration during a meeting with some investors and a group of scholars at Oxford University in London on the sideline of his ongoing UK-Nigeria Parliamentary Strategic Dialogue working visit to the United Kingdom.

Accompanied by some members of the House of Representatives including Hon. Chris Nkwonta, Hon. Ginger Onwusibe and Hon. Ibe Okwara, the deputy speaker spoke essentially on four key areas of politics, security, economy and development with the team led by Peter Claus, a Professor of History and Access Fellow at the Pembroke College, University of Oxford.

Others at the parley included Dr Christopher Nwadiba, Fellow at Oxford University; Dr. Dyedra Morrissey, Lecturer at Said Business School, Oxford University; Dr. Nwirivu Rupara, Engr. Jackson Offor and Ms. Sandra Elias, all of Oxford University.

Kalu in a statement by his chief press secretary, Levinus Nwabughiogu emphasised that the subsidy removal has enabled the government to redirect funds to critical sectors such as healthcare, education, and infrastructure.

He said the economic gains from the subsidy removal have been complemented by other notable achievements, including a 3.19% increase in Nigeria’s GDP in Q2 2024.

Kalu added that the government’s efforts to promote economic growth and development have also led to a significant increase in Foreign Direct Investment (FDI), with Nigeria attracting $6.4 billion in FDI in 2024.

The deputy speaker further noted that Tinubu’s administration has made significant strides in the areas of politics, security, economy and development which reflected the Legislative Agenda of the 10th House of Representatives.

Kalu highlighted the strengthening of democratic institutions through legislative reforms, including the passage of the South East and North West Development Commission Acts.

He said that the government has also enhanced electoral integrity through technology-driven processes, leading to increased political engagement among Nigeria’s youth.

On security, Kalu noted a 47% reduction in incidents of banditry in the North-West between Q2 2023 and Q4 2024.