Nigeria Saves $20 Billion Through Subsidy Removal and Forex Reforms, Says Finance Minister.

Written on 24/11/2024
Business Day NG

Nigeria has saved approximately $20 billion by removing petrol subsidies and adopting market-driven foreign exchange pricing, revealed Wale Edun, Minister of Finance and Coordinating Minister of the Economy.

He shared this during an event in Abuja celebrating the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation.

The reforms are part of the government's efforts to stabilize the economy.



He said the subsidies used to cost five percent of Nigeria’s gross domestic product (GDP), noting that things jave now changed.

“Between them, they were costing five percent of GDP,” Edun explained.

He emphasized the significance of these savings, breaking down their potential impact. “If you say GDP was on average, let’s say $400 billion, we all know what five percent of that is – $20 billion of funds that could be going into infrastructure, health, social services, education.”