The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the federal government was paying N400bn monthly as fuel subsidy before it was removed by President Bola Tinubu.
Edun made the submission while talking about the efforts of the current administration in revamping Nigeria’s economy.
Tinubu had during his inauguration on May 29, 2023, announced the removal of fuel subsidy.
Months after the action taken by the President, Edun revealed during an interview with Channels TV that the federal government was coughing out N400bn monthly to finance the fuel subsidy regime.
“In terms of the government’s finances, they have been revamped and repaired,” he said. “And it is not just the fact that there has been the removal of the petroleum subsidy which was costing N400 billion every month to the government at its height.”
