Nigerian Govt was losing N400bn monthly to fuel subsidy – Finance Minister, Edun

The Minister of Finance and Coordinating Minister of the
Economy, Wale Edun, says fuel subsidy was costing the Federal Government N400
billion monthly.

Edun revealed this in an interview on Channels Television.

Recall that President Bola Tinubu, during his inauguration,
declared the end of the fuel subsidy era to redirect funds towards developmental
initiatives.

“In terms of the government’s finances, they have been
revamped and repaired.

“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,” the minister said.