The federal government of Nigeria has officially declared that fuel and foreign exchange subsidies are permanently discontinued and will not be reinstated. This announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the presentation of the Nigeria Development Update by the World Bank in Abuja on October 17.
Edun explained that the removal of these subsidies, which had drained the economy for decades and cost over N10 trillion (5% of Nigeria’s GDP), was essential for the country’s economic sustainability. He praised President Bola Tinubu’s administration for ending the 40-year subsidy regime, despite the challenges, emphasizing that the move would yield long-term economic benefits.
