The federal government has officially ended fuel and foreign exchange subsidies, Minister of Finance and Coordinating Minister of the Economy Wale Edun revealed on Thursday.
The minister made the announcement during the presentation of the Nigeria Development Update by the World Bank in Abuja.
The subsidies, the government said drained the country’s economy to the tune of N10 trillion, equivalent to five percent of Nigeria’s Gross Domestic Product (GDP).
“Fuel and FX subsidy are extinguished,” Edun declared.
To address the pressing issue of unemployment, the government has unveiled a new plan focused on housing finance. This initiative features a mortgage scheme offering near single-digit interest rates, aimed at boosting construction activities and generating significant job creation.
“The plan will be anchored around mortgage and housing financing,” Edun stated.
At the same event, Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, shed light on the recent half-percent interest rate hike.
He said the Monetary Policy Committee (MPC) had anticipated the latest inflation trends, prompting the decision to increase the rate.
“Policies and decisions will be based on evidence and data going forward,” Cardoso said.
Nigeria my country, where are we heading.
All the issues of importing fuel from abroad , why are they mentioning our crued oil?
Which one.be fx subsidise
Forex market
It shall not be well with y’@ll marauding political riminals.
All of this grammer are for person who have eat to his satisfaction.
#Nigerians-are-hungry.
May the Almighty God we serve punish u all that want to kill the innocent and poor people, it shall never be well with u all
GBAM!
This is the boldest step of any government in the history of governance in Nigeria.
BE CREATIVE WITH YOUR OWN INITIATIVE AND STOP SULKING OVER GOVERNMENT HANDOUTS.
God Help Us
It is the government that should create the enabling environment on which to build and thrive. But politicians have irredeemably contaminated the situation in Nigeria.
Nigerian government, people are dying, there are lot of hungers in the society, where are we heading to, are you waiting for us to die finished. Which kind of government is this. I believe that God Almighty will surely intervene one day, it wouldn’t be to long anymore.
Ijoba Tinubu, ijoba iponju ni eleyi oooo. Ki Olorun gba wa oooo. Amin
I pray , that God will intervain on this time, amen…
Another wahala and sufferness for naija
Stupid people!!!