The Federal Government has pledged to release a detailed account of how funds saved from the removal of fuel and foreign exchange subsidies have been utilised, amid growing public concern over the impact of the reforms.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, made the commitment at the 7th Africa Emerging Markets Forum in Abuja.
He acknowledged that Nigerians had valid questions about subsidy savings and assured that a comprehensive breakdown would be published within days.
Oyedele explained that the combined effect of removing fuel and FX subsidies amounted to about five per cent of GDP.
He noted that part of the savings had been absorbed by higher debt servicing costs, the new N70,000 minimum wage, and expanded social programmes such as the Nigerian Education Loan Fund, which has supported over 1.5 million students.
Responding to concerns raised by World Bank Chief Economist Indermit Gill, Oyedele stressed that the reforms were designed
