Federal Government has promised to publish a detailed report on how savings from the removal of fuel and foreign exchange subsidies have been allocated, amid public concerns about the reforms’ impact.
Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, made the pledge yesterday Thursday at the 7th Africa Emerging Markets Forum in Abuja, responding to questions from the World Bank’s Chief Economist, Indermit Gill.
Gill expressed skepticism about whether the savings had translated into improved living conditions for Nigerians and urged the government to clarify how the funds had been used. Oyedele acknowledged the questions were valid and assured that a comprehensive breakdown would be released within days. He noted that the combined savings from subsidy removals amounted to about five percent of Nigeria’s GDP.
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