Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun made this known at the end of the inaugural Federal Executive Council meeting in Abuja. Mr. Edun said that the benefit of the subsidy removal will be plough back into various sectors to improve business environment for local and foreign investment. He added that 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.
Plough back simply means plugging the bottomless hole you call subsidy. Means not having to borrow or sell crude oil in advance in order to sustain it.
Reference: A one trillion dollar economy without a a national rail network is just wishful thinking.
Journey times are not just about shorter lengths.of highways but the myriad of obstructions along the way.
If the endless number of 'checkpoints' manned by government itself through agencies it appears to have no control over, police, military, narcotics, customs, road safety, vehicle inspection, tax and levies, etc on etc on etc....
There is just no way journey times can be pre determined. And because of this there are some industries that will just not work in Nigeria on that account alone.
To fashion a trillion dollar economy we need a radical change in culture. Way more important than money.
The same rail network some of you are trying to rdicule here?
Nigeria is not a joke, the joke is on the ordinary folks who cannot be entrusted to do simple tasks without injecting their dubious attitude into it. What would anyone gain from doing dumb things like that. These are the same folks who will come online to say their leaders are bad.
Innomach: When you say previous government, be specific. Buhari borrowed a lot to finance a rail project which today is a failure. Tinubu has embarked on costal road project which is already showing signs of failure. APC government is the worst curse on Nigeria and Nigerians. If the other non APC previous governments borrowed to finance subsidy as you claim, then I think it's far better than borrowing and spending on projects that benefits no one but themselves and their cronies. Power situation in the country has worsened far beyond what APC met. A bag of rice is between 60k to 70k compared to less than 7k they met it. Taxes and new charges introduced, subsidy removed, borrowing increased. Yet some people see nothing wrong with with the government and it's policies. I gave up on Nigeria not because of it's government but because of it's tribalistic citizens.
The rail project is a failure? Is that your opinion or the opinion of the folks who use it everyday?
LagosOrigin: When tinubu team up with buhari to betray goodluck ebele Jonathan , was he not loud about it ?
They even went as far as constructing a mock coffin for Jonathan who's government was far far better than the disaster government that tinubu is leading today and they were very loud about it by posting videos and photos all over the internet and aired it live on all bola tinubu radio and television stations.
You're crying now because the same treatment is being meted on the most corrupt and highly incompetent president in Nigerian history, Bola .
Dey play, tinubu is gone .
Nobody betrayed Jonathan. When 250 million people gave you a job to do your responsibility is to them not to the people who are trying to take the job from you. If you don't know this then you have no business being in politics to start with.
NaijaHelper1: What's the difference or you're just being obtuse? At least previous administrations had the conscience to ease the people's burden by spending a portion of it on subsidy while looting the rest. This one just doesn't care.
How do you ease the people's burden by making it impossible for them to grow and develop? You now have millions of kids roaming the streets with no jobs, no education. Graduates still living with their parents years after graduation all for cheap petrol? And this is how you ease the people's burden?
CrownedPhoenix: It's been two days straight without light in my neighborhood.
What power infrastructure are you talking about exactly?
How long and how much do you think it takes for a country to have stable and uninterrupted power supply? Previous administrations in an attempt to pacify the people chose to lie and deceive Nigerians. All the Billions wasted on fuel subsidy could have given us stable electricity many times over. If you have all the money needed right now to fix electricity in Nigeria you will still have to wait a few years to get it done. Check out what Ethiopia is doing about power, check out what Egypt is doing about it. Our own leaders chose to pacify us with cheap, unsustainable and wasteful fuel subsidy while everything else is neglected. The money you thought you were saving from fuel subsidy will still go to buying generators to power your homes and businesses.
Galapagous: Can this administration for once just clear our doubt and be accountable. Show us all the money gotten from subsidy removal, previous loans and what was done with it.
Clear our debt just like Obj gave away $20 billion dollars at a go only for us to go back to borrowing? No money was gotten from subsidy removal. Nigeria was borrowing and selling future oil production to pay for it.
NaijaHelper1: What infrastructure is this one talking about? This man dey really vex me.
What the bulk of people don't realise is that Tinubu is a western asset . These loans been given to him are scams. He is loaned 20billion for example. The terms of the loan stipulate that the loan cannot be spent on health-care, education, or development but must be spent on western goods and western consultants who add no value. The terms also provide avenues for looting, the stolen stash is then hidden in western banks where they're protected and used to grow the western economy. At the end of the day, nothing is achieved and the interest on the loan requires more loans to pay them. That's how blacks have become slaves to the white man. Burkina Faso realised this under Traore and forced France out.
France having been booted out of Burkina Faso and lost all that gold and rare minerals they've been stealing needs another country to latch on to which is why the druggie has been coming and going to France in his usual abominable display of betrayal of his own race. The small peanuts they give him will be used to add one more western parasite on his own people.
You are telling a blatant lie. Previous administrations borrowed to subsidize fuel consumption with nothing to show for it. We have someone talking about developing power generation and transmission, infrastructures, education etc and you are trying to distort his message.
Without the economic backbone to back it up? where would the interests come from? Money don't just multiply in the bank, it is lent out to create and grow economic activities. This is the job of the commercial banks, government money is a different issue. You can't lend it out on the basis of where you will get the best returns. Will Ekiti or Ebonyi be able to compete with the likes of Lagos or Kano even though we have equal rights to the money? Obi got this idea from a mad man obviously.
Yes, because for almost 50 years they wasted scarce resources on senseless subsidy. Money they could have used to develop agriculture, stable electricity, good healthcare system, security etc. You were living under the false illusion that we have oil therefore we are rich.
Obi is a flip-flopper. His position changes depending on the weather. Not the mark of a true leader. I support subsidy removal, now I don't . Don't send money to relatives in Nigeria, I was misquoted. Don't spend money on infrastructure. No, actually infrastructure is essential to economic development!
anonimi: Will it be time for our own sadist to go next year? Are you working with others to ensure he leaves, to end his sadistic destruction of Nigeria
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Nonsense talk. I guess when a doctor performs an operation to save your life he could then be regarded as trying to kill you. Pedestrian thinking.
AustineE1: These are they kind of men that will be glad to take up an appointment in an Obi government,..not in a mediocre government with bunch of political merchants and serial looters. He was wise enough to instantly inform them that he doesn't want any appointment from this government but can contribute his quarter,I guess,on advisory level. What stops the south west from presenting Adesina,Fashola,Osinbajo etc for presidency,instead of bringing their 1st eleven,they are giving us 5th eleven.
He supports Subsidy removal Obi does not. He doesn't think on the same level as Obi.
wisdomkid: Donald Trump is always putting the American people first. It is quite funny how communist and fascist people are busy saying he is the worst president and expecting everyone else to dislike the man.
In all honesty, if this man is the president of the federal republic of Nigeria, and we all know how he puts his country first, Nigeria would be at the forefront of business and growth in African continent.
You don't know what you are talking about at all. In which alternative planet is Trump putting Americans first?
NOETHNICITY: How is this even moral? Where are the Nigerian Christians defending this clown in power? This is how they plan to liberate Iran by stealing it’s resources! He is not even hiding the fact that the whole agenda was to steal the resources of the people of Venezuela.
It is wrong on all levels. He wanted to do the same thing in Iran but failed miserably.
🤣🤣🤣🤣 The boy was just punishing the other kids . ......and no parents can stand that .
Even me self go say make dem comot that boy oooo..... I watched the video more than 15 times
So they the cops? Isn't that what football is all about? The parents should just act like typical angry football fans and find something to destroy rather than calling the cops to remove the better player.
LagosOrigin: The way tinubu betray this man shock everybody
This man and buhari sold Tinubu to the north in 2023 but when tinubu became president, he threw El rufai under the bus.
Tinubu have betrayed everyone that helped him including Nigerians that supported him in 2023 by making policies that has dried there pockets and leaving them hungry, angry and frustrated.
Tinubu betrayed the guy who claimed to be wiretapping the NSA? His arrogance did him in, nobody is bigger than the state.
emperor4love: Saudi Arabia,Libya ND Malaysia,can we say there currency are worthless
These countries has far more oil than Nigeria and fewer people. Trying to do exactly what they do simply because you have oil is foolish. By the way, fuel is more expensive in Saudi Arabia Than Venezuela.
How will this put food on your table, make fuel affordable and get you a good paying job? Dino is not a serious human being, no leadership quality the size of a mustard seed.
Ofunaofu: Imagine blaming Trump for the hunger, hardship, and worsening insecurity Nigerians are enduring under Tinubu’s disastrous policies masquerading as economic reforms.
Honestly, Daniel Bwala was right about the quote below. Some people will blame the whole world rather than hold their own government accountable!
The spike in fuel prices is due happenings outside of Nigeria, like wars in the gulf and Ukraine/Russia war. This is a worldwide issue, tell us how Tinubu caused it? Criticize sensibly.
Fashionista01: Like play like play the Northerners are gradually waking up from their slumber. They were used the other time but this time around, they are saying no to it. I think this is a way forward.
If these 10 people shouting by the roadside are the Northerners what would you call the thousands in the stadium?