Fuel subsidy removal yields ₦10 billion savings for FG in 2023 – Kalu
The Deputy Speaker of the House of Representatives, Benjamin Kalu, has revealed that the Federal Government saved approximately $10 billion in 2023 following the removal of the fuel subsidy.
Kalu made this announcement during a meeting with investors and scholars at Oxford University in London, as part of his ongoing United Kingdom-Nigeria Parliamentary Strategic Dialogue working visit.
He explained that the removal of the subsidy has positively impacted Nigeria’s economy, citing a 22% increase in Diaspora dollar remittances, which reached $28 billion in 2024.
According to a statement released by his Chief Press Secretary, Levinus Nwabughiogu, on Friday, the Deputy Speaker engaged in discussions on politics, security, economy, and development with the group led by Professor Peter Claus, a historian and Access Fellow at Pembroke College, University of Oxford.
Kalu highlighted that funds previously spent on subsidies have been redirected to critical sectors, including healthcare, education, and infrastructure development.
Additionally, he disclosed that enhanced collaboration between the Nigerian armed forces and regional partners has led to the capture of over 1,500 insurgents in the Lake Chad Basin.
On development initiatives, the Deputy Speaker stated that the government has launched various programs to drive technological advancement and innovation, fostering growth across multiple sectors.
The statement quoted Kalu as saying, “The removal of the fuel subsidy saved the government $10 billion in 2023, redirecting funds to healthcare, education, and infrastructure, while dollar remittances from the Diaspora have increased by as much as 22 per cent, totaling $28 bn.”
