The federal government has officially announced the cessation of fuel and foreign exchange (FX) subsidies, marking the end of a policy that has spanned many years.
This announcement was made by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, during the presentation of the Nigeria Development Update by the World Bank in Abuja on Thursday, October 17.
Edun elaborated that these subsidies have amounted to over N10 trillion, equivalent to 5% of Nigeria’s Gross Domestic Product (GDP).
“Fuel and FX subsidy are extinguished,” Edun declared,
In addition to phasing out subsidies, the minister introduced a new government initiative focused on curbing unemployment, with a central focus on housing finance. This plan features a mortgage scheme aimed at providing near-single-digit interest rates, designed to invigorate the construction sector and generate employment opportunities.
“The plan will be anchored around mortgage and housing financing,” Edun said, adding that the government hopes the initiative will provide a significant boost to job creation across the country.
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