The Federal Government says it will publish a detailed report on how savings from the removal of fuel and foreign exchange subsidies have been utilised in response to public concerns over the impact of the reforms.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this at the 7th Africa Emerging Markets Forum in Abuja after concerns were raised by the World Bank’s Chief Economist and Senior Vice-President for Development Economics, Indermit Gill.
Oyedele acknowledged that questions about the subsidy savings were legitimate and said the government would release a comprehensive analysis within days as part of its commitment to transparency.
He explained that savings from the reforms had been partly used to meet rising debt servicing obligations, implement the new ₦70,000 minimum wage, and fund social intervention programmes, including the Nigerian Education Loan Fund.
The minister said the reforms were introduced to correct long-standing economic distortions rather than simply generate fiscal savings, adding that the government’s next priority was to translate macroeconomic stability into higher productivity, job creation and shared prosperity.
He also disclosed that the government was developing a framework to reduce the cost of capital without introducing new subsidies in a bid to stimulate investment in the real sector.
