Idris: Fuel Subsidy Removal, Forex Windows Unification Aimed at Rescuing Nigeria’s Economy

The Minister of Information and National Orientation, Mohammed Idris, yesterday argued that the removal of petrol subsidy as well as merging of the foreign exchange windows were meant to rescue Nigeria’s economy from failing.

However, the Chairman of THISDAY and Arise TV Media Group, Prince Nduka Obaigbena, maintained that by announcing the two reforms at the same time, the economy was overwhelmed because at the time the subsidy was removed, Nigeria needed a stable exchange rate to modulate the economy.

The minister and Obaigbena spoke during Idris’ visit to the Arise TV office in Ikoyi, Lagos.

Idris stressed that Tinubu had to take the decision to save Nigeria’s economy, which was almost moribund when the president took over, admitting that the last 14 months of this government had been challenging.

He explained that the removal of subsidy resuscitated the economy and boosted government’s revenue which almost doubled few months after the introduction of the policy and also crashed the volume of fuel product consumed in the country.

The minister remarked that the past administration did not include subsidy in the 2023 budget because it lacked the courage to take such a decisive action, stressing that by removing the underpayments, Tinubu ensured its non-provision in subsequent budgets.

He maintained that by the end of last year, government had already saved about N1.45 trillion from the removal of subsidy and the decision reduced the demand for petroleum by about 50 per cent.

The minister and Obaigbena spoke during Idris’ visit to the Arise TV office in Ikoyi, Lagos.

Idris stressed that Tinubu had to take the decision to save Nigeria’s economy, which was almost moribund when the president took over, admitting that the last 14 months of this government had been challenging.

He explained that the removal of subsidy resuscitated the economy and boosted government’s revenue which almost doubled few months after the introduction of the policy and also crashed the volume of fuel product consumed in the country.

The minister remarked that the past administration did not include subsidy in the 2023 budget because it lacked the courage to take such a decisive action, stressing that by removing the underpayments, Tinubu ensured its non-provision in subsequent budgets.

He maintained that by the end of last year, government had already saved about N1.45 trillion from the removal of subsidy and the decision reduced the demand for petroleum by about 50 per cent.