Subsidy removal will end borrowings, says finance minister

The federal government says it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.

He said the benefit of the subsidy removal would be channelled into various sectors to boost government revenue and improve the business environment for local and foreign investment.

Mr Edun said with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.

He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.

Similarly, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said investment offers were already coming up in different sectors of the economy, including oil and gas, health, solid minerals, and agriculture.

She said her ministry would collaborate with relevant ministries, departments and agencies of the government to achieve the president’s commitment to creating jobs for the youth.

On his part, the Minister of Health, Ali Pate, said that critical sections of the health value chain would be exploited to improve the economy and create jobs for Nigerians.

He said the president had directed them to be courageous and innovative in taking decisions that would benefit the country, adding that the president has already taken such moves.

Mr Pate said the president was responsive to the need to set the economy on the path of progress with his move to remove subsidy on petrol from the first day of his inauguration.

The Minister of Information and National Orientation, Mohammed Idris, said the president charged the cabinet members to be transparent in their dealings, especially in disseminating necessary information.

He urged the media to avail themselves of the opportunity to verify and fact-check their stories in order not to misinform the public.


Leave a Reply

Your email address will not be published. Required fields are marked *