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

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.

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

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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."

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