Subsidy Removal Saved Nig $10b In 2023 – Kalu

Deputy Speaker of the House of Representatives, Benjamin Kalu says President Bola Ahmed Tinubu’s decision to remove subsidy on Premium Motor Spirit, PMS, also known as petrol, saved Nigeria about $10 billion in 2023.

Speaking at a meeting with investors and scholars at Oxford University in London, Kalu noted that the Tinubu administration’s efforts to promote economic growth and development led to a significant increase in Foreign Direct Investment (FDI), totaling $6.4 billion in 2024.

In a statement by his Chief Press Secretary, Levinus Nwabughiogu, Kalu explains that government’s policies have also resulted in a 22% increase in dollar remittances from Nigerians in the diaspora, totaling $28 billion in 2024, according to Kalu.

He notes that the subsidy removal has enabled the government to redirect funds to critical sectors such as healthcare, education, and infrastructure.

Kalu highlights the administration’s achievements, including a 3.19% increase in Nigeria’s GDP in the second quarter of 2024, and a 47% reduction in incidents of banditry in the North-West between the second quarter of 2023 and the fourth quarter of 2024.

The government has also launched initiatives to promote technological advancement and innovation, including the National Digital Economy Policy (2023-2030), which aims to increase internet penetration from 49% to 70% by 2027.

Kalu invites investors to consider Nigeria as a business destination, calling for international collaborations to strengthen socio-economic advancements in the country.

Oduyemi Odumade