Oyedele explains how FG spends subsidy savings
Oyedele said part of the savings had been used to offset the government’s Ways and Means obligations, service rising debt costs and fund the implementation of the new national minimum wage.
He noted that before the reforms, the government relied heavily on money creation to finance spending, while interest rates were around eight per cent and the national minimum wage stood at N30,000.
By Emma Ujah, Abuja Bureau Chief The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has explained how the Federal Government is utilising savings from the removal of fuel and foreign exchange subsidies, saying the funds have been deployed to debt servicing, salary increases, student loans and other critical obligations.
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