Tinubu’s Removal Of Petrol Subsidy, Have Saved Nigeria $ 20 billion
Nigeria has saved a whopping $20 billion thanks to President Bola Tinubu’s bold economic reforms. The Minister of Finance, Wale Edun, revealed that the removal of petrol subsidies and the adoption of market-based pricing for foreign exchange have been a game-changer for the country’s economy ¹.
These reforms have not only saved the government a significant amount of money but have also changed the incentive framework, moving away from rent-seeking and towards creating real opportunities for Nigerians to thrive. Edun emphasized that the $20 billion saved can now be invested in critical areas like infrastructure, healthcare, education, and social services.
The removal of petrol subsidies and the floating of the naira have also made it impossible for individuals to exploit the system for personal gain. Edun noted that the real change brought about by these reforms is that people can no longer wake up with the sole aim of getting cheap funding or exploiting the petrol subsidy regime to make a quick buck ¹.
Instead, Nigerians are now encouraged to tap into available incentives like farming and manufactured exports, which can help bring down elevated prices and create jobs. The minister praised the Head of Civil Service, Esther Didi Walson-Jack, for her transformative agenda and commitment to creating a more efficient and technology-driven civil service ¹.
