The Nigerian government has confirmed that fuel and foreign exchange (FX) subsidies are permanently removed, according to Finance Minister Wale Edun.
During a presentation by the World Bank in Abuja, Edun emphasized that these policies had heavily burdened Nigeria’s economy, draining over ₦10 trillion, equivalent to 5% of the country’s GDP.
“Fuel and FX subsidies are extinguished,” he said.
To address economic challenges, the government is launching a new plan focusing on housing finance to boost construction and create jobs.
“The government expects this approach to boost construction activities and generate significant job creation.
“The plan will be anchored around mortgage and housing financing,” Edun stated.
Central Bank Governor Olayemi Cardoso also discussed a recent interest rate hike aimed at stabilizing the Naira and combating inflation.
“Policies and decisions will be based on evidence and data going forward”, he said.
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