Skip to main content

News from Nigeria If any administration were to reverse the fuel subsidy, it would be difficult for Nigeria - Wale Edun

The withdrawal of fuel subsidies under President Bola Tinubu's administration will be difficult for Nigeria's economy, according to Minister of Finance and Coordinating Minister of the Economy Wale Edun.

Wale Edun continued, saying that the gains realized from the two measures would have to be handled in any attempt by other administrations to remove the forex subsidy.


The withdrawal of fuel subsidies under President Bola Tinubu's administration will be difficult for Nigeria's economy, according to Minister of Finance and Coordinating Minister of the Economy Wale Edun.

Any attempt by future administrations to reverse the FX subsidy, according to Wale Edun, will need to handle the profits from the two insurance.


Mute/Play Fullscreen

According to Edun, Nigeria was spending 98 percent of its revenue on debt payment, but the federal government was able to cut that amount to 61 percent with the withdrawal of the gasoline and FX subsidies.


He claimed that such an administration would have to take out loans in order to fund all government operations, including paying workers and building a kilometer of roads.


Temitope Ajayi, the President's Senior Special Assistant for Media and Publicity, shared Edun's remarks on his X Twitter on Thursday.


The Minister of Finance went on to say that by eliminating the fuel and foreign exchange subsidies, the federal government made the right choice.


"Let me be very clear," he said.To be honest Here, if a new president dared to reinstate fuel or currency subsidies, he would have to cope with undoing the progress we made in cutting the portion of our income that we were using to pay off debt, which we had done so from 98% to 67%.


Then, he will require borrowing money to handle almost all other government duties, such as making salary payments or even building a kilometer of new roads.


"As a result, we will accrue more debt and have to pay off more debt than we bring in, which will cause bankruptcy and the complete breakdown of the governance structure."

Comments

Post a Comment

Popular posts from this blog

BABA JOSHUA ADIGUN IYANDA’S BIOGRAPHY

BIRTH Pa JOSHUA ADIGUN IYANDA was Born on the 27TH of  SEPTEMBER 1951 into  the family of late pa Deacon SAMUEL A. IYANDA who was married to MAMA late OMOYOOLA IYANDA   OF ILE  IKOLABA ALADAN ISALE LAKA OGBOMOSO OYO STATE. BAPTISM He accepted Jesus as his Lord and personal Saviour and was baptized in First Baptist Church Abuja (Now Suleja) by REVD LEVERET in the year 1973. EDUCATION He attended Baptist Day School Bidah from 1958 –TO -1963 and completed primary 7 at BAPTIST DAY SCHOOL KATCHA in Niger State in the year 1964. He then proceeded to VERHOEVEN TECHNICAL SCHOOL MINNA in Niger State. He also went to EDUCATION ADVANCE COLLEGE OF STENOGRAPHY (E.A.C.S ) OKE - ‘ YA – IGBAJA in kwara State where he learnt about INSURANCE BUSINESS. When insurance profession was no longer moving as expected, he decided  to go back to School for additional qualifications in order to become a teacher.  These are the other Schools he attended. 1.  ...
Post a Comment
Read more

TRIBUTE TO THE ONE AND ONLY HERO OF GENEROSITY WHO FOUGHT A GOOD FIGHT OF FAITH, FINISHED HIS COURSE, RECEIVED A CROWN OF RIGHTEOUSNESS AND FINALLY A CONQUEROR.

We sat here in our sitting  room looking at your pictures. wondering why you couldn't be a part of us for life. Uncontrollable tears stream down my face , while my heartbeat starts to race. Asking God why he took you away from us now. it was more painful than stabbing any one in the heart with a knife.  We still needed you here. You were the one to make everything so clear. You are a part of us and we are part of you. When you died, part of soo many died too. I never knew how hard it was to lose someone you love until the day you went to heaven above. Even though I can't see you, We know you're up there watching over us Therefore; With heavy hearts to remember and celebrate the life of our beloved daddy, Pastor and evangelist,  I extend my deepest sympathies to Daddy Evangelist Danlami Job Abdullahi's family and share in their grief.  He was more than our spiritual guide; he was  a pillar of strength, comfort, ...
Post a Comment
Read more

TIMIYANDASBLOG along side TIMBLOGGIST sends Congratulatory Message on The Passing Out Parade (POP) Of F.B.C.K Unique Corpers.

TIMIYANDASNLOG along side TIMBLOGGIST extends her  Congratulatory message.to the  Unique NYSC corpers of FIRST BAPTIST CHURCH KEFFI  on their Passing Out Parade (POP) today 4th April, 2024. Like  yesterday,  it  seems  like  it  will  never  end,  but  here  you  are,  completing  your  national  youth  service  year  successfully  and  expressing  thanks  to  God  with  a  grateful  heart. We celebrate with you as you take off your head dresses for the last time to bid the governor of your stateof deployment farewel  as a corps member. We pray that God will grant you a magnificent recompense and that you will succeed in all of...
Post a Comment
Read more