Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says fuel subsidy was costing the Federal government N400 billion monthly.
During his inauguration on May 29, 2023, President Bola Tinubu declared the end of the fuel subsidy era to redirect funds towards developmental initiatives.
Months after the announcement, Edun disclosed in an exclusive interview with Channels Television that the subsidy was draining N400 billion from the government’s finances monthly.
He said, “In terms of the government’s finances, they have been revamped and repaired.
Fuel subsidy windfall
“And it is not just the fact that there has been the removal of the petroleum subsidy which was costing N400 billion every month to the government at its height.”