The federal government has officially announced the termination of fuel and foreign exchange subsidies, marking the end of a long-debated policy.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this declaration during the presentation of the Nigeria Development Update by the World Bank in Abuja on Thursday, October 17.
Edun said that these subsidies had drained the country’s economy, costing over N10 trillion, which amounts to five per cent of Nigeria’s Gross Domestic Product (GDP).
“Fuel and FX subsidy are extinguished,” Edun said, as he emphasized the financial strain these policies had imposed on the nation.
The minister also announced a new government plan aimed at addressing unemployment, with a focus on housing finance.
The Nation]
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