BREAKING: FG declares end of fuel and FX subsidies

The federal government has officially announced the end of fuel and foreign exchange subsidies.

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).

“Fuel and FX subsidy are extinguished. The key thing here is that for the first time in 40 years, the vex tissue of fuel subsidy, and linked to it, the foreign exchange subsidy, costing five percent of GDP has gone,” he said.

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Akanji Philip

Akanji Philip has been working as a reporter with VOICE AIR MEDIA, both onsite at the head office in Odi-Olowo, Osogbo, and remotely. He has covered events at notable political venues, involving prominent figures such as former Osun Governor Adegboyega Oyetola, current Osun State Governor Senator Isiaka Adetunji Adeleke, former Vice President Professor Yemi Osinbajo, the late Ondo Governor Rotimi Akeredolu, Oyo State Governor Seyi Makinde, and various other representatives and lawmakers. In addition, he has represented the company at various press conferences at police stations and has reported on occasions featuring entertainers and actors, such as Kola Oyewo during Oba-Ile Day in Osun State, among others. -Phone Number: +2349058501092, +2348137827714 -Email: akanjiphilips100@gmail.com