The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the fuel subsidy was draining N400 billion from the country’s budget every month. President Bola Tinubu, in his inauguration speech, announced the termination of the fuel subsidy era to redirect funds towards development initiatives.
Edun reiterated this point in an exclusive interview with Channels Television, months after the announcement.
“In terms of the government’s finances, they have been revamped and repaired,” he said. “And it is not just the fact that there has been the removal of the petroleum subsidy which was costing N400 billion every month to the government at its height.”
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