- Nigeria saves $10b: Nigeria saved $10 billion in 2023 from fuel subsidy removal.
- Redirecting funds: The subsidy removal enabled the government to redirect funds to critical sectors like healthcare, education, and infrastructure.
- Increased FDI: Nigeria attracted $6.4 billion in Foreign Direct Investment (FDI) in 2024.
- Economic growth: The government’s efforts promoted economic growth, strengthened democratic institutions, and enhanced electoral integrity.
Nigeria has made significant economic gains from the removal of fuel subsidies in 2023, according to Deputy Speaker of the House of Representatives, Hon. Benjamin Okezie Kalu. The government saved $10 billion in 2023 and saw a 22% increase in dollar remittances from the diaspora, totaling $28 billion in 2024.
Kalu emphasized that the subsidy removal has enabled the government to redirect funds to critical sectors such as healthcare, education, and infrastructure. He also highlighted the government’s efforts to promote economic growth and development, which have led to a significant increase in Foreign Direct Investment (FDI), with Nigeria attracting $6.4 billion in FDI in 2024.
Additionally, Kalu noted that the government has made strides in strengthening democratic institutions, enhancing electoral integrity, and promoting technological advancement and innovation. He encouraged investors to consider Nigeria as a business destination and called for international collaborations to strengthen socio-economic advancements in the country.
The Deputy Speaker’s remarks were made during a meeting with investors and scholars at Oxford University in London, where he emphasized the importance of supporting the legislature to promote democracy.
