Nigeria to Save N8tn Annually from Fuel Subsidy Removal – Taiwo Oyede

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The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, revealed that the Federal Government is anticipated to save N8tn annually through the implementation of fuel subsidy removal and exchange rate unification policies.

Oyedele emphasized the importance of strategically utilizing these saved funds to alleviate the suffering of the average Nigerian. Speaking during a panel session at the Lagos Chamber of Commerce and Industry’s 2024 Economic Outlook and Budget Analysis, he highlighted the sacrifices made by the Nigerian people and stressed the need for targeted spending to address the socio-economic challenges.

Additionally, Oyedele hinted at the committee’s recommendations to the Federal Government, emphasizing the urgent need to promote exports, including services and intellectual property. He noted that focusing on exporting services and intangibles could be a proactive step before venturing into goods export.

Source: PUNCH

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