- He also noted a 22 per cent increase in dollar remittances from the Diaspora, which amounted to $28 billion in 2024
The Deputy Speaker of the House of Representatives, Benjamin Kalu, has stated that the removal of the fuel subsidy has significantly impacted Nigeria’s economy, saving the Federal Government $10 billion in 2023.
Kalu, a member of the All Progressives Congress, disclosed this during a meeting with investors and scholars at Oxford University in London. The meeting, held on the sidelines of his United Kingdom-Nigeria Parliamentary Strategic Dialogue working visit, was led by Professor Peter Claus, a historian and Access Fellow at Pembroke College, Oxford.
According to a statement by Kalu’s Chief Press Secretary, Levinus Nwabughiogu, the Deputy Speaker highlighted how the subsidy removal enabled the government to redirect funds into critical sectors such as healthcare, education, and infrastructure development.
He also noted a 22 per cent increase in dollar remittances from the Diaspora, which amounted to $28 billion in 2024.
Speaking on security, Kalu revealed that collaborative efforts between the Nigerian armed forces and regional counterparts had led to the capture of over 1,500 insurgents in the Lake Chad Basin.
In the area of development, Kalu mentioned various government initiatives to foster technological advancement and innovation, aimed at driving sustainable growth.
“The removal of the fuel subsidy saved the government $10 billion in 2023, redirecting funds to healthcare, education, and infrastructure, while dollar remittances from the Diaspora have increased by as much as 22 per cent, totaling $28 billion,” Kalu was quoted as saying.
The Deputy Speaker’s remarks reflect the government’s broader focus on economic reforms, security enhancement, and development efforts.
Discussion about this post