The Minister of Finance and Coordinating Minister of the Economy, Wale Edun on Tuesday said President Bola Tinubu saved the country from economic bleeding by removing the petrol subsidy.
This is as the Minister added that savings from the removed subsidy payment have set the country on the path to industrialization while putting money in the federation account.
Edun spoke in Bauchi State at the opening ceremony of the National Council on Finance and Economic Development (NACOFED), with the theme: ‘Fostering Economic Growth in Challenging Times.’
He stressed that the subsidy was making the country bleed, costing five per cent of the nation’s GDP, benefitting other countries to the detriment of the citizens.
The President has stopped the bleeding that was costing five per cent of the GDP of the country every year, that was adding no value except to a few people and of course, neighbouring countries that were benefiting from what was happening with the fuel subsidy and as well, a related foreign exchange subsidy.
The benefits were saved for just a few and a mass of Nigerians were not getting any benefits from those structures. They have been removed and the federation account will benefit from the increased flow of resources to the federal, state and local governments and so much more can be done in terms of investing not just in infrastructure but in social services like education, and health,” Edun said.
The Minister of Finance explained that the road is clear for private investors to harness the potential in the sector.
The road is clear for private sector investors and as we know, we are now back in business on the road to industrialization, based on what is happening in the petroleum refining sector.
Crude oil is not just being shipped abroad, it’s being refined locally to give petroleum products and raw materials for industry,” Edun added.
