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By Seyi Babalola
The Nigerian government, through Minister of Finance Wale Edun, has underlined that fuel and foreign exchange subsidies have ended.
Edun made the disclosure at the World Bank’s presentation of the Nigeria Development Update in Abuja on Thursday.
“Fuel and FX subsidies are extinguished,” he said, noting that the twin policies had imposed financial strain on Nigeria.
Edun reported that these subsidies have depleted the country’s economy, totaling approximately N10 trillion, which amounts to 5% of Nigeria’s GDP.
This comes as the minister unveiled a new government plan to fight unemployment, with an emphasis on housing financing.
“The government expects this approach to boost construction activities and generate significant job creation.
“The plan will be anchored around mortgage and housing financing,” Edun stated.
