₦airaland Forum

So where is the money.

vowiski:
Saves $20 billion then goes around to borrow $2 billion

Use your head.
That $20 is what they would have borrowed to pay subsidy.
It would have been $22 billion including that amount you touted.

If so that they saved such a huge amount of money; why are they still suffering like tomorrow no dey! Abi una dey save dey loot?

Does this mugu know what 20 billion dollars look like?

So, where's the money?
Why, then, is Tinubu engaging in mindless borrowing, plunging the entire country into debt?

The 💰 saved is not reflecting in the economy.
Tell us another lie.

Tinubuofemmanu:
Does this mugu know what 20 billion dollars look like?

I think it is slip of tongue.

Maybe, he meant 20 billion naira

They are the Yoruba clowns that are destroying the economy. All they know is propaganda. So na propaganda you go dey see from them.

treesun:
Nigeria saves $20bn by removing subsidies – Wale Edun

Finance and Coordinating Minister of the Economy, Wale Edun


Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has announced that the country has saved $20 billion by abolishing the petrol subsidy and adopting market-based foreign exchange pricing.

Edun made this disclosure at an event in Abuja marking the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation.


“An amount of five percent of GDP is what those two subsidies were costing,” Edun stated. “When there was a subsidy on PMS and on foreign exchange, they collectively cost five percent of GDP. Assuming GDP was $400 billion on average, five percent of that is $20 billion—funds that could now go into infrastructure, health, social services, and education.”


Why we abandoned our respective businesses to take up keke riding — Mr & Mrs Akinbo0:03 / 1:00

He further explained that the savings are being redirected into developmental projects: “The real change is that no one can wake up and target cheap funding or forex from the central bank to enrich themselves without adding value. Similarly, profiteering from the inefficient petrol subsidy regime is no longer possible.”

President Bola Tinubu officially ended the petrol subsidy regime on May 29.

Despite this, on August 19, the Nigerian National Petroleum Company (NNPC) Limited disclosed that the federal government owed ₦7.8 trillion for under-recovery, contradicting earlier denials of any subsidy reintroduction.



https://www.vanguardngr.com/2024/11/nigeria-saves-20bn-by-removing-subsidies-wale-edun/

You saved $20bn yet you're cap-in-hand at the world bank to borrow a mere $2bn, why not take it from what you saved

Shameless, lying-ass derelict old thieves

And where is the money saved going to?

Saves $200 Billion by removing subsidy but created multi mega billion poverty and joblessness that'll take aeons to reverse

As in the thing tire me. Anyway we all know na audio savings
[1quote author=vowiski post=133015262]Saves $20 billion then goes around to borrow $2 billion[/quote]

Why still borrowing to fund budget

trutharena:
All the subsidy beneficiaries have now gone into hiding.

Your life don spoil aje
Oponu ayerada, I can't stop wondering how much you're being paid to be this stupid 🤮🤮🤮...


They save $20 billion but yet kept borrowing like mad, Custom duty is high like mad ...
Where is the money going to, Ode?

vowiski:
Saves $20 billion then goes around to borrow $2 billion

Na that kind economics I no understand for real. The more you look the less you see government

Where tf is the money bruh

treesun:
https://www.vanguardngr.com/2024/11/nigeria-saves-20bn-by-removing-subsidies-wale-edun/

lol … so why is the President planning to borrow more money 😹

While we masses are the one suffering for.it

ebukal67x:
Good job, minister.

Lol.

1. Where is the money invested on?
2. Why are the MPC policies not working. Interest rates have been increased and bonds reduced yet the economy is dying


WALE EDUN IS saying something Cardoso is saying another

Just give me, N1,000,000 ( one million) from it , let me start a business.

vowiski:
Saves $20 billion then goes around to borrow $2 billion

No mind them, dem go loot the 20 billion and still loot the borrowed funds join.

You save $20 billion and still went on to borrow $2.2 billion.

Make it make sense.

vowiski:
Saves $20 billion then goes around to borrow $2 billion

Hahahaha
When you thought they have run out of lies ...boom..they come up with a more ridiculous nonsense and announce as though they are working.

vowiski:
Saves $20 billion then goes around to borrow $2 billion

There is a lot of misinformation about the gains of subsidy removal.

What we gained from the removal of subsidy is in the not having to continue to borrow to fund the subsidy. Government is not communicating effectively. It’s not money we had/have that is saved.

As for forex that is more complicated.

As for new borrowings, we are borrowing to fu d the business of government: social services and infrastructure rather than to burn subsidized petrol in gas guzzling jeeps.

All those allegations that few people were benefitting from subsidy are all lies as proven by the suffering of Nigerians. All of us were benefitting from the subsidy as planned but the Government feels it is better for her own funds to increase even at the expense of the people's comfort hence the removal.

You save $20B but you go arround to beg for money to implement 2024 budget. Shame to you ane your master.

Mr. Wale Edun, it seems you and your principal are missing the point—ordinary Nigerians are not benefiting from the removal of the oil subsidy! How is it possible to save so much money, yet the country is experiencing unprecedented hunger and poverty? What is the purpose of this money if it isn't reaching the people? The only ones benefiting are the state governors, while the masses continue to suffer. You need to rethink your strategy, as it is proving counterproductive.

Abagworo:
All those allegations that few people were benefitting from subsidy are all lies as proven by the suffering of Nigerians. All of us were benefitting from the subsidy as planned but the Government feels it is better for her own funds to increase even at the expense of the people's comfort hence the removal.

That’s a short term mindset. We were all suffering before because there were no investment in roads, no hospitals no good schools. They gave you cheap petrol to stop you from feeling the impact of the damage the subsidy regime was doing to your futures.

What is the benefit of cheap petrol if it means your life and prospects stagnate?

You spend all the money (even borrowing) on subsidy, because you spend all the money on subsidy you don’t have a well educated Labour pool, poor roads and infrastructure etc because of that you are unattractive as a destination for businesses, because businesses don’t invest good jobs are not created, because there are no jobs you are unemployed and the few jobs that are available you are unqualified because the education system is so underinvested your certificates and degrees are worthless…..all because of cheap subsidized petrol!!!!

And went on a borrowing spree! Una nor get head all these Yoruba people

See thinking people. You were able to save $20b but want to borrow $2.2b, Nigeria my country

Why are Nigerians still suffering?

Where is the money, how does it transcend to the economic wellbeing of the masses ?