Nigeria Saved $10 Billion from Subsidy Removal in 2023 – Deputy Speaker Benjamin Kalu
The Deputy Speaker of the House of Representatives, Benjamin Kalu, has stated that Nigeria saved $10 billion in 2023 due to the removal of the fuel subsidy.
Kalu, who spoke during a meeting with investors and scholars at Oxford University in London, explained that the savings have been redirected to critical sectors like healthcare, education, and infrastructure.
He also highlighted an increase in dollar remittances from Nigerians in the Diaspora, which grew by 22%, totaling $28 billion in 2024.
In his words:
“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.”
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The Deputy Speaker also noted that collaboration between the Nigerian armed forces and regional counterparts had resulted in the capture of over 1,500 insurgents in the Lake Chad Basin. He further mentioned government initiatives aimed at promoting technological advancement and innovation
Many social media users have reacted to the statement by the Deputy Speaker. Some of the comments read:
Olumofin Segun, “Any government that prioritize monetary accumulation above well being of the citizens is insanely run government, because human is the most important factor in any sane country,,, policies that dehumanized poor Nigerian, took everything including food, health and happiness from families, students dropped out of school, for any one to praise the government that took everything from Nigerian and gave nothing back, is a sin against humanity,, Nigerian will prefer a recolonization than a government that are living their life good and fine but promises a better tomorrow since 26 years ago, yet they keep leaving Nigerian worse than they met Nigerian.”
Tunde Gbajumo, “Saving and borrowing at the same time, I don’t blame you. You people are too comfortable so you can utter anything. But mind you, the clock is ticking.”
