₦airaland Forum

The Deputy Speaker of the House of Representatives, Benjamin Kalu, has said that removing the fuel subsidy has impacted the economy positively, with the Federal Government saving as much as $10bn in 2023.

Kalu, a member of the All Progressives Congress, also added that the policy has led to a 22% increase in dollar remittances from the Diaspora, totalling $28 billion in 2024.

Kalu disclosed these during a meeting with some investors and a group of scholars at Oxford University in London on the sidelines of his ongoing UK-Nigeria Parliamentary Strategic Dialogue working visit to the United Kingdom.

On the delegation with the Deputy Speaker are his colleagues at the House, including Chris Nkwonta, Ginger Onwusibe and Ibe Okwara.

A statement issued by his Chief Press Secretary, Levinus Nwabughiogu, on Friday, said the Deputy Speaker spoke on politics, security, economy and development with the team led by Peter Claus, a professor of history and access fellow at Pembroke College, University of Oxford.

The Deputy Speaker noted that the removal of the subsidy has enabled the Federal Government to redirect funds to critical sectors such as healthcare, education, and infrastructure.

He also disclosed that synergy between the Nigerian armed forces and regional counterparts has resulted in the capture of over 1,500 insurgents in the Lake Chad Basin.

In the development sector, the Deputy Speaker said the government has launched various initiatives to promote technological advancement and innovation.

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, totalling $28bn.”

Drumming support for Nigeria’s parliament, Kalu, who represents Bende Federal Constituency, Abia State, on the platform of the All Progressives Congress, praised Speaker Tajudeen Abbas for his leadership focus in rural communities.


He said, “The fulcrum of our democracy is the legislature. If you support the legislature, you’re supporting democracy. What the current administration has done is to support this arm of government fully to make sure that our representation in our various constituencies is visible.

“The visibility of our legislative interventions is more in our rural areas. The President’s administration’s objective will be made visible because our legislative agenda is in sync with his objectives.

“He has identified that development commissions should be a structure for pushing down the dividends of democracy to the grassroots and has started with what we call development commissions.”

He also emphasised his role in moves aimed at addressing the age-long crisis in the South-East geopolitical zone.

“I sponsored the South-East Development Commission and why I moved that bill is because my zone, your zone, and your heritage passed through war. About three million people lost their lives. That healing that’s supposed to take place didn’t take place. The 3Rs promise made then was not kept and that gave birth to agitation, conflict, and insecurity in that area. I said no, it’s about time we changed the dynamics and the narratives.

“The president understood the agitation in the hearts of the people in the region because they felt alienated and marginalised. He opened his eyes to the need for more development in the area, and he assented to that bill to become law. So, today we have the SEDC Act and he has gone ahead to fund it in the 2025 budget for the reconstruction of the area.

“It was a private member bill that originated from the parliament, and he assented to it. That shows you a president that is willing to listen, a people-orientated president running the government of the people, by the people, for the people.”

In his remarks at the parley, a Zimbabwean investor, Nwirivu Rupara, urged African leaders to champion initiatives to improve intra-African trade, describing the current statistics for trade among African countries as poor.

Similarly, a fellow at Oxford University, Dr Christopher Nwadibia, expressed a keen affiliation with Nigeria, having been born to a Nigerian father.

On his part, Jackson Offor, also from Oxford University, said he was interested in opportunities in the energy sector in Nigeria and commended the Deputy Speaker for pointing out the inherent opportunities in the sector, especially renewable energy, in line with current climate change realities.

Source: https://punchng.com/FG-saved-$10bn-from-subsidy-removal-in-2023-Kalu

Saved much but our dept keep increasing yearly reduce the country's inflation before posting anything achievement to us

Mugu, if you ask him to show proof now , incoherence go start.

Asslicker

Liar

Saved but keep borrowing till tomorrow.. Was it an Audio savings?

It is good he was arrested, even for nairaland here the noise of Biafrans go down small.

These people are really taking us for a ride o

Ass licking idiot because you are given the post of a Deputy speaker.

Saved 10 billion dollars ( no proof )

Now let's look at the losses that occured in order to save this 10 billion dollars and see if it was worth it :

Because of the reckless fuel subsidy removal the following losses occured within the Macro and Micro Economy :

1 . GDP lost approximately 200 billion dollars in one year

2. Inflation went up by almost 500 percent in some sectors .

3. Life expectancy reduced by almost 10 points.

4. The govt spent another 5 billion dollars on palliative approach to mitigate subsidy removal effects .

5 . It now cost the govt 5 times more to fund any project so simply put a 100km road that could have cost 100 billion naira will now coast the govt 500 billion Naira to build meaning the govt will now be able to build fewer infrastructure due to its own foolishness.

6. potential for economic recovery reduced to almost non existent

7. Massive job losses as many businesses folded up as a result of the harsh fall out of reckless subsidy removal.

8. Debt profile shot up from 60 trillion Naira to 140 trillion in just over a year .

I opine that Nigeria has lost about 450 billion dollars in value , potential and standard of living in one year in order to save 10 billion dollars ...Does this make any sense at alll

We report the positives in dollars and the negatives in naira. How much was Nigeria's debt in dollars before subsidy removal? How much is Nigeria's debt in dollars now? These are the salient questions.

Abeg save all these amounts and nothing to show for it. Una don chop our yams finish even still get mind put 9ja for debt of 114 trillion naira come dey yarn us dust

Audio saving

And what did you do with it?

Where is the money?

What has that achieved?

Kalu, I warn you, you know wan hear but sha you are wérénge òsínwín because of your asslicking.

Cho cho cho cho cho
Na who ask am?
From where did they fund this man to impose him as the deputy speaker sef?

May God carry your life dey play as you dey play with Nigerians lives

Where is the impact on the society?

Why are they still borrowing?

Benjamin Kalu, who is from my place, has never been a serious person sha

adenigga:
Source: https://punchng.com/FG-saved-$10bn-from-subsidy-removal-in-2023-Kalu

You saved huge amounts like this but debt profile keeps piling.

Una dey deceive una children for house

adenigga:
Source: https://punchng.com/FG-saved-$10bn-from-subsidy-removal-in-2023-Kalu

Saved for looters to steal or stole already?
Media propaganda

The question is how had the money saved affected the wellbeing of the Nigerians? He better say they have more funds to share around. Selfish rulers!

High time you people stop this save and save rubbish.

Do you think all Nigerians are foolish? You save this and that and yet keep borrowing and inflicting hardship on your citizens.

You can only deceive APC urchins and Zone B and not all.

This useless Benjamin will just be talking like streaming...

They saved alot of this money and they are still borrowing..

This same Benjamin that is threatening Abia governor, Nah Ego go kill the political carrer of this Benjamin

This is an irresponsible FG.
Are we supposed to be saving money when inflation from fuel subsidy removal is choking Nigerians . Why not focus on food subsidy?

Stupid talk. You saved from subsidy removal but have the highest debt profile of all democratic presidents.

If you've saved so much then why are you still borrowing do much?

adenigga:
Source: https://punchng.com/FG-saved-$10bn-from-subsidy-removal-in-2023-Kalu

Yet you criminals are still borrowing money up and down.

This one is one of them big fools.and failures in leadership in Nigeria. Clowwns. Always defending and justifying the stupid policies of this administration and never executing his own task as a legislator which is to hold the executive to account. Servitude politicians,where belle face politicians. Please he should park well

Stupid and senseless talk

And the criminal emilokan keep on borrowing after the savings

E no go better for this administration and the zombies supporting them

Tueh

I dey my house,.... come and beat me

And you are still on borrowing spree abi

Nooo.

How does this sound to his own ears for crying out loud.