How Nigeria spent savings from forex, petrol subsidy removal – Oyedele
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said that the savings from the removal of fuel and foreign exchange subsidies have largely gone into debt servicing, increased workers’ wages, student loans, and other major government obligations.
The minister explained that although the reforms generated fiscal savings, the government immediately faced higher financial obligations arising from the reforms themselves, including debt servicing costs and increased public sector wages.
Mr Oyedele explained that the reforms triggered higher inflation, prompting interest rates to rise and increasing the government’s debt servicing costs.
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