NEWS

$10bn Saved From Subsidy Removal In 2023- Dep. Speaker

The Deputy Speaker of the House of Representatives, Benjamin Kalu, stated that the removal of fuel subsidies has significantly benefited the economy, allowing the Federal Government to save up to $10 billion in 2023.

Kalu, a member of the All Progressives Congress, further highlighted that the policy spurred a 22% rise in diaspora dollar remittances, reaching $28 billion in 2024.

Speaking during a meeting with investors and scholars at Oxford University in London, as part of his UK-Nigeria Parliamentary Strategic Dialogue visit, Kalu emphasized the positive economic impacts of the subsidy removal.

According to a statement issued on Friday by his Chief Press Secretary, Levinus Nwabughiogu, Kalu discussed key national issues, including politics, security, economy, and development, with a delegation led by Prof. Peter Claus of Pembroke College, University of Oxford. He noted that savings from the subsidy removal have been redirected to critical sectors such as healthcare, education, and infrastructure.

Kalu also revealed that collaboration between Nigeria’s armed forces and regional partners has led to the capture of over 1,500 insurgents in the Lake Chad Basin.

Regarding development, he stated that the government has launched various initiatives aimed at fostering technological advancement and innovation.

The statement quoted Kalu as saying, “The removal of the fuel subsidy saved the government $10 billion in 2023, redirecting funds to healthcare, education, and infrastructure, while dollar remittances from the Diaspora have increased by as much as 22 per cent, totaling $28 bn.”

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