The Deputy Speaker of the House of Representatives, Benjamin Kalu, has disclosed that the Federal Government saved as much as $10 billion in 2023 due to the removal of fuel subsidy.
The lawmaker made the disclosure during a meeting with some investors and a group of scholars at Oxford University in London on the sidelines of his ongoing United Kingdom-Nigeria Parliamentary Strategic Dialogue working visit to the United Kingdom.
He explained that removing fuel subsidy has positively affected the economy, adding that the policy led to a 22 percent increase in dollar remittances from the Diaspora, totaling $28 billion in 2024.
A statement issued by his Chief Press Secretary, Levinus Nwabughiogu, on Friday, said the Deputy Speaker spoke on politics, security, economy, and development with the team led by Peter Claus, a Prof. of History and Access Fellow at Pembroke College, University of Oxford.
The Deputy Speaker noted that the removal of the subsidy had enabled the Federal Government to redirect funds to critical sectors such as healthcare, education, and infrastructure.
He has also disclosed that synergy between the Nigerian armed forces and regional counterparts has resulted in the capture of over 1,500 insurgents in the Lake Chad Basin.
In the development sector, the Deputy Speaker said the government has launched various initiatives to promote technological advancement and innovation.
The statement quoted Kalu as saying, "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 bn."
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