• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, June 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

FG Saved $20bn From Subsidy Removal – Edun

by Mark Itsibor
7 months ago
in News
Share on WhatsAppShare on FacebookShare on XTelegram

Minister of Finance and coordinating minister of the economy, Wale Edun, has announced that the country has saved $20 billion by abolishing the petrol subsidy and adopting market-based foreign exchange pricing.
Edun made this disclosure at an event in Abuja, marking Esther Walson-Jack’s first 100 days in office as head of the federation’s civil service.

Advertisement

Despite this huge saving the federal government recently received approval from the National Assembly to borrow N1.77 trillion ($2.2 billion) for the 2024 budget.

The removal of subsidies has thrown the country into economic difficulties so much so that the larger population of the country are now struggling to eat food in Nigeria, as revealed by the National Bureau of Statistics,
Aside from the current economic hardship faced by most Nigerians, Nigeria is currently spending $3.5 billion to service other outstanding debts.

Edun disclosed that the full implementation of the key reforms of market-based pricing of premium motor spirit (PMS) and market-based pricing of exchange rate by the federal government saved about $20 billion or five percent of the country’s gross domestic product (GDP) as at October 2,2024.

“Five per cent of GDP is what those two subsidies cost,” Edun stated. “When there was a subsidy on PMS and foreign exchange, they collectively cost five per cent of GDP. Assuming GDP was $400 billion on average, five per cent is $20 billion—funds that could now go into infrastructure, health, social services, and education.”

RELATED

ICPC To Appeal Ruling On Yuguda’s Ex-Aide’s Case

Aviation Ministry Worker Convicted Over Employment Fraud

1 hour ago
Police Arrest Arrowhead Of Child Theft Syndicate, Rescue 12 Minors 

Police Arrest Arrowhead Of Child Theft Syndicate, Rescue 12 Minors 

1 hour ago

He further explained that the savings are being redirected into developmental projects: “The real change is that no one can wake up and target cheap funding or forex from the central bank to enrich themselves without adding value. Similarly, profiteering from the inefficient petrol subsidy regime is no longer possible.”

The minister pointed out that after 18 months of reforms implemented by President Bola Tinubu, the country has changed with gains of the reforms now glaring after gestation period paid, discomfort, difficulty, and increased cost of living.

President Bola Tinubu officially ended the petrol subsidy regime on May 29.

Despite this, on August 19, the Nigerian National Petroleum Company (NNPC) Limited disclosed that the federal government owed N7.8 trillion for under-recovery, contradicting earlier denials of any subsidy reintroduction.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Wale Edun
SendShareTweetShare
Previous Post

Ministers, Oil Industry Leaders To Converge At NCDMB’s PNC Conference

Next Post

Nigeria Port Positioned To Compete Globally – Terminal Operators

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

ICPC To Appeal Ruling On Yuguda’s Ex-Aide’s Case
News

Aviation Ministry Worker Convicted Over Employment Fraud

2025/06/29
Police Arrest Arrowhead Of Child Theft Syndicate, Rescue 12 Minors 
News

Police Arrest Arrowhead Of Child Theft Syndicate, Rescue 12 Minors 

2025/06/29
Despite Threats Of Reprisal, South East Calm
News

Soldiers Kill Terrorist Kingpin Mai Dada, Recover Weapons

2025/06/29
Abducted Benue Links Bus Passengers Regain Freedom After 1 Week In Captivity
News

Abducted Benue Links Bus Passengers Regain Freedom After 1 Week In Captivity

2025/06/29
Okunbo Foundation Expands Artistic Opportunity In Nigeria
Entertainment

Okunbo Foundation Expands Artistic Opportunity In Nigeria

2025/06/29
Why Tinubu Is Visiting Saint Lucia — Presidency
News

Why Tinubu Is Visiting Saint Lucia — Presidency

2025/06/29
Leadership Conference advertisement

LATEST

Aviation Ministry Worker Convicted Over Employment Fraud

Police Arrest Arrowhead Of Child Theft Syndicate, Rescue 12 Minors 

Abakaliki FC In Minor Road Accident After Federation Cup Defeat

CWC: PSG Thrash Lionel Messi’s Inter Miami 4-0, Advance To Quarterfinals

Soldiers Kill Terrorist Kingpin Mai Dada, Recover Weapons

Abducted Benue Links Bus Passengers Regain Freedom After 1 Week In Captivity

Okunbo Foundation Expands Artistic Opportunity In Nigeria

Why Tinubu Is Visiting Saint Lucia — Presidency

Mischief Makers Behind SGF Sack Rumour — Federal Gov’t

Kano Gov’t Renames Institute, Commission After Deceased 22 Athletes

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.