Wale Edun Warns Of Challenges If Fuel Subsidy Is Reversed By Any Administration

Wale Edun Warns Of Challenges If Fuel Subsidy Is Reversed By Any Administration....KINDLY READ THE FULL STORY HERE▶

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has warned that reversing the fuel subsidy removal could severely impact the nation’s economy. He emphasized that any future administration attempting to reinstate the subsidy would have to contend with the progress made under the current policies…….. CONTINUE READING

Edun noted that the removal of both fuel and forex subsidies has allowed the federal government to reduce its debt service expenditure from 98% of revenue to 61%. He cautioned that reversing these policies would necessitate increased borrowing for government functions, including salary payments and infrastructure projects, potentially leading to a situation where debt servicing could surpass revenue and threaten economic stability.

The statement, shared by Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, highlighted Edun’s assertion that the decision to remove the subsidies was crucial. He warned that any attempt to reintroduce them would not only undo the financial improvements achieved but also exacerbate the nation’s debt crisis, potentially leading to bankruptcy and systemic collapse.

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