The Minister of Finance and Coordinating Minister of the Economy, Wale Edun said that the eradication of the fuel subsidy saves the government N400 billion monthly.
In a recent interview on Channels Television , Edun stated the financial relief achieved by terminating the fuel subsidy regime.
“In terms of the government finances they’ve been totally revamped and repaired and it is not just the fact that there have been removal of the petroleum subsidy which was costing 400 billion naira every month to the government at the heights”
President Bola Tinubu, in his inauguration address, declared the end of the era of fuel subsidy, in order to redirect funds towards developmental initiatives.
Moreover, Edun emphasized the various government’s financial reforms, targeting equitable distribution of resources and enhanced expenditure management. ‘’The issue was that the benefits or the funds were going to a few, only about 5% of the population has bank account that have more than half a million in them, so the majority were left out for 8 years, they were on the sideline, while a small minority enjoyed, that is the major correction made by Mr President now’’.
He pointed out that the previous system disproportionately favored a minority while neglecting the majority of the population.
Speaking also about the technological advancements driving these reforms, Edun stated, “Government revenue that was outside the federal government consolidated revenue funds, that was outside the purse and has been duly identified, and it is being collected back, being taken from the various pocket that it was in, and being brought into the federal system to all.”
