{"id":346765,"date":"2024-11-24T16:09:57","date_gmt":"2024-11-24T15:09:57","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=346765"},"modified":"2024-11-24T16:09:57","modified_gmt":"2024-11-24T15:09:57","slug":"nigeria-saves-20bn-by-removing-subsidies-wale-edun","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/11\/24\/nigeria-saves-20bn-by-removing-subsidies-wale-edun\/","title":{"rendered":"Nigeria saves $20bn by removing subsidies \u2013 Wale Edun"},"content":{"rendered":"<ul>\n<li><strong><strong>Says savings are being redirected into developmental projects<\/strong><\/strong><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p>The Federal Government says it has saved $20 billion by removing petrol subsidy and adopting market-based foreign exchange pricing.<\/p>\n<p>The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this disclosure at an event in Abuja marking the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation.<\/p>\n<p>According to him, the two subsidies were costing the country five percent of the Gross Domestic Product, <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/09\/18\/nigerians-in-diaspora-remit-20-billion-annually-representing-6-1-of-gdp-nidcom\/\" target=\"_blank\" rel=\"noopener\">GDP<\/a>.<\/p>\n<p>\u201cWhen there was a subsidy on PMS and on foreign exchange, they collectively cost five percent of GDP. Assuming GDP was $400 billion on average, five percent of that is $20 billion \u2014 funds that could now go into infrastructure, health, social services, and education,\u201d he said.<\/p>\n<p>The minister further noted that the savings are being redirected into developmental projects.<\/p>\n<p>\u201cThe real change is that no one can wake up and target cheap funding or forex from the Central Bank to enrich themselves without adding value.<\/p>\n<p>\u201cSimilarly, profiteering from the inefficient petrol subsidy regime is no longer possible,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Says savings are being redirected into developmental projects The Federal Government says it has saved $20 billion by removing petrol subsidy and adopting market-based foreign exchange pricing. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this disclosure at an event in Abuja marking the first 100 days in office of [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":294421,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[64265,77029,2288,28],"class_list":["post-346765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-fuel-subsidies","tag-mr-wale-edun","tag-petrol","tag-tinubu"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.4 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigeria 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