FG Was Paying N400 Billion Monthly On Petrol Subsidy – Wale Edun

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.

Naija News recalls President 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.”

Only About 5% Of Nigerians Have More Than N500,000 In Their Accounts – Edun

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has lamented that only about 5% of Nigerians have more than N500,000 in their bank accounts.

Edun said it is not acceptable that the wealth of the nation is concentrated in the hands of a few while the majority languish in poverty.

Speaking during an interview with Channels TV, the Minister said the administration of President Bola Tinubu is working hard to address this imbalance in which just a few elites have the advantage over the majority of others.

Edun stressed that part of the moves to correct the imbalance, which has been on for about eight years, is the various economic reforms introduced by the current administration.

The minister said that the reforms are corrective measures to mop up the liquidity in the economy that is not tied to production or supply of goods and services, adding that these imbalances only benefit a few people in the economy.