Fuel Subsidy reform averted deeper economic crisis – FG
By Joseph Erunke, Abuja ABUJA — The Federal Government has said the economic reforms undertaken by the administration of President Bola Ahmed Tinubu, particularly the removal of fuel subsidy, have strengthened Nigeria’s fiscal position, improved economic stability and created resources for investment in infrastructure, security, human capital and social protection.
The Minister of Information and National Orientation, Mohammed Idris, stated this on Wednesday in Abuja at a press conference convened to present the Federal Government’s “Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented.
In his remarks, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, provided further context on the rationale for the reforms, noting that President Tinubu inherited an economy with one of the world’s lowest revenue-to-GDP ratios and, consequently, limited fiscal capacity relative to Nigeria’s population and developmental needs.
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