- Finance Minister Wale Edun has praised President Bola Tinubu's policies, especially the fuel subsidy removal, for averting Nigeria's economic crisis
- The removal of the fuel subsidy, costing Nigeria 5% of GDP annually, has helped the government to redirect funds toward infrastructure, education, and healthcare
- The minister also hoped that with the fuel subsidy gone, Nigeria would experience a return to industrialisation afer domestic petroleum refining started
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has credited President Bola Tinubu's initiatives, particularly the decision to halt the importation of fuel, for rescuing Nigeria from a potential economic disaster.
Edun made this statement on Monday, November 18, in Bauchi, during the opening of the National Council on Finance and Economic Development (NACOFED) conference, which carried the theme, “Fostering Economic Growth in Challenging Times.”
He explained that while President Tinubu's administration inherited both the nation's assets and liabilities, decisive steps were necessary to stabilise the economy and move forward.
According to Edun, one of the key actions taken was ending the fuel subsidy, which he described as "bleeding" the economy at a rate of five percent of Nigeria’s GDP annually.
The subsidy, he noted, only benefitted a small segment of society and neighboring countries, while Nigerians at large gained little from the arrangement.
"The President has stopped the bleeding. The fuel subsidy was costing the country billions and providing no real benefit to the masses. It was only helping a few individuals and neighboring nations, while Nigeria’s own resources were being drained," Edun stated.
With the subsidy removed, Edun highlighted that the federal, state, and local governments would see increased revenue flows into the federation account.
These funds, he emphasised, would be used to invest not only in critical infrastructure but also in vital social services such as education and healthcare.
"The way is now clear for private sector investment, and we are back on track for industrialisation," Edun continued, pointing to developments in Nigeria’s domestic petroleum refining sector.
"Crude oil is no longer just being exported; it is being refined locally, providing both fuel for the domestic market and raw materials for industries," he added.
Nigeria’s finance minister wants SEC to regulate crypto
Meanwhile, TheRadar earlier reported the Minister of Finance, Wale Edun, expressed that it was time to regulate the sector.
Edun, who is also in charge of coordinating the entirety of Nigeria’s economy, conveyed this when he inaugurated the SEC’s new board in the country’s capital, Abuja.
