Kehinde Fajobi
Deputy Speaker of the House of Representatives, Benjamin Kalu, has praised the positive impact of the fuel subsidy removal on Nigeria’s economy.
He revealed that the government saved $10 billion in 2023 as a result of the policy, which also led to a 22% rise in dollar remittances from the Diaspora, reaching $28 billion in 2024.
Kalu made these remarks during a meeting with investors and scholars at Oxford University, London, as part of his ongoing UK-Nigeria Parliamentary Strategic Dialogue visit.
The delegation, which includes Kalu’s colleagues Chris Nkwonta, Ginger Onwusibe, and Ibe Okwara, discussed topics such as politics, security, economy, and development.
He noted that the subsidy removal enabled the government to channel savings into key sectors like healthcare, education, and infrastructure.
Additionally, he highlighted the success of collaboration between Nigerian forces and regional counterparts, resulting in the capture of over 1,500 insurgents in the Lake Chad Basin.
“The removal of the fuel subsidy saved the government $10 billion in 2023, redirecting funds to healthcare, education, and infrastructure while dollar remittances from the Diaspora have increased by as much as 22 per cent, totalling $28bn,” Kalu said.
Kalu also commended Speaker Tajudeen Abbas for his focus on rural communities, emphasizing that the legislature plays a vital role in supporting democracy.
He explained how the current administration’s legislative agenda aligns with President Bola Tinubu’s goals.
He also discussed the South-East Development Commission (SEDC) Act, which he sponsored to address historical issues in the region.
“I sponsored the South-East Development Commission and why I moved that bill is because my zone, your zone, and your heritage passed through war.
“About three million people lost their lives. That healing that’s supposed to take place didn’t take place,” Kalu explained.
“The president understood the agitation in the hearts of the people in the region because they felt alienated and marginalised. He opened his eyes to the need for more development in the area, and he assented to that bill to become law.”
In discussions with investors, Zimbabwean investor Nwirivu Rupara urged African leaders to boost intra-African trade, while Oxford’s Dr. Christopher Nwadibia expressed a strong connection to Nigeria.
Jackson Offor, also from Oxford, showed interest in Nigeria’s energy sector, particularly renewable energy.