The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has backed the removal of fuel subsidy by President Bola Ahmed Tinubu, stating that it has saved the country from bleeding.
He stated this while speaking at the opening ceremony of the National Council on Finance and Economic Development, NACOFED, in Bauchi, on Monday.
He noted that the President’s initiative was instrumental in the stopping of imported fuel which he noted, was costing five per cent of the GDP of the country every year.
The Minister added that so much more can be done in terms of investing not just in infrastructure but in social services like education, health, with the removal of fuel subsidy.
He stated, “When you try to look at where we are now, essentially, the major macroeconomic reforms that are in place.
”President Bola Tinubu has stopped the bleeding that was costing five per cent of the GDP of the country every year that was adding no value except to a few people and of course, neighbouring countries that were benefiting from what was happening with the fuel subsidy and as well, a related foreign exchange subsidy.
“The benefits were saved for just a few and a mass of Nigerians were not getting any benefits from those structures.
”They have been removed and the federation account will benefit from the increased flow of resources to the federal, states and local governments and so much more can be done in terms of investing not just in infrastructure but in social services like education, health.
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