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VIDEO: Petrol Subsidy Was Costing Govt N400Bn Monthly – Finance Minister

President Bola Tinubu declared an end to the fuel subsidy era during his inauguration in a bid to free up funds for developmental issues.


fuel-nozzle-
A photo combination of Wale Edun and a fuel nozzle.

 

The Minister of Finance and Coordinating Minister of the Economy Wale Edun says fuel subsidy was costing the country N400bn monthly. 

President Bola Tinubu declared an end to the fuel subsidy era during his inauguration in a bid to free up funds for developmental issues.

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Months after the declaration, Edun told Channels Television in an exclusive interview that the subsidy was gulping N400bn monthly from the government’s coffers.

“In terms of the government’s finances, they have been revamped and repaired,” he said. “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.”

Watch him talk about that in the video embedded below: