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 revealed that these subsidies had drained the country’s economy, costing over N10 trillion, which amounts to five percent of Nigeria’s Gross Domestic Product (GDP).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 revealed that these subsidies had drained the country’s economy, costing over N10 trillion, which amounts to five percent of Nigeria’s Gross Domestic Product (GDP).
