The federal government has officially announced the termination of fuel and foreign exchange subsidies, concluding a long-standing policy debate.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this announcement during the presentation of the Nigeria Development Update by the World Bank in Abuja on Thursday, October 17.
Edun highlighted that these subsidies had significantly burdened the nation’s economy, costing over N10 trillion—equivalent to five percent of Nigeria’s Gross Domestic Product (GDP).
Read Also: BREAKING: World Bank Tells FG What To Do To Current Reforms Amid Economic Hardship
“Fuel and FX subsidy are extinguished,” Edun said, as he emphasized the financial strain these policies had imposed on the nation.
The minister also unveiled a new government initiative aimed at tackling unemployment, emphasizing housing finance.
He explained that the plan will include a mortgage scheme with near single-digit interest rates.
The government anticipates that this strategy will stimulate construction activities and lead to substantial job creation.
“The plan will be anchored around mortgage and housing financing,” Edun stated.
https://whatsapp.com/channel/0029VaihFajBadmT29ufud2Z
