Oyedele Gives Account of FG’s Reforms After President’s Directive
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- Nigeria's government has reported significant financial gains from the removal of the fuel subsidy.
- Savings from the subsidy have reportedly added N15.8 trillion to the federation account over 30 months.
- The government also stated that borrowing was reduced by N11.9 trillion due to the subsidy removal, with N5.4 trillion going to the central government and the rest to states and local governments.
Nigeria's federal government has detailed the financial benefits realized since removing the fuel subsidy, following a directive from President Bola Ahmed Tinubu. The reforms have reportedly bolstered the federation account by N15.8 trillion over the past 30 months.
According to a statement, the decision to eliminate the subsidy has also prevented the government from accumulating further debt, saving approximately N11.9 trillion. This substantial saving has been distributed, with the central government receiving N5.4 trillion, while the remaining funds were allocated to state and local governments.
The government's communication highlights the economic impact of these reforms, suggesting a positive fiscal shift. The funds generated are intended to support various government initiatives and economic development programs across the nation.
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Originally published by ThisDay. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.
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