The removal of the fuel subsidy by President Bola Ahmed Tinubu’s administration has saved Nigeria $10 billion in 2023, according to Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu. He revealed this during a meeting with investors and scholars at Oxford University, London, as part of his UK-Nigeria Parliamentary Strategic Dialogue visit.
Kalu explained that the savings from the subsidy removal have allowed the government to redirect funds to critical sectors such as healthcare, education, and infrastructure, driving economic growth and development. “The removal of the fuel subsidy has had a transformative impact on our economy,” he stated. “These savings are now being reinvested in vital areas that will benefit all Nigerians.”
The Deputy Speaker highlighted several positive economic indicators under the Tinubu-led administration, including a 3.19% increase in Nigeria’s GDP in Q2 2024. He also noted a significant boost in Foreign Direct Investment (FDI), with Nigeria attracting $6.4 billion in 2024.
Additionally, Kalu revealed that dollar remittances from the Nigerian diaspora increased by 22%, reaching $28 billion in 2024. He attributed this to growing confidence in the nation’s economic reforms.
“These economic achievements are a testament to the administration’s commitment to fostering growth and creating opportunities,” Kalu said.
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Kalu emphasized strides made in strengthening democratic institutions and enhancing electoral integrity. He cited the passage of the South East and North West Development Commission Acts as key legislative reforms aimed at promoting regional development.
“The government has worked tirelessly to improve the political landscape, introducing technology-driven electoral processes that have increased youth participation in politics,” he said.
On security, Kalu reported a 47% reduction in incidents of banditry in the North-West between Q2 2023 and Q4 2024. He credited this improvement to the government’s focused approach to addressing insecurity in troubled regions.
The meeting at Oxford University was attended by a distinguished team of scholars and investors, including Peter Claus, Professor of History at Pembroke College; Dr. Dyedra Morrissey, Lecturer at Said Business School; and several Nigerian representatives, including Hon. Chris Nkwonta and Hon. Ginger Onwusibe.
Kalu used the platform to highlight the alignment of Tinubu’s policies with the Legislative Agenda of the 10th House of Representatives, stressing the importance of collaboration between Nigeria and the international community.
The Deputy Speaker concluded by reiterating the administration’s dedication to improving the lives of Nigerians. “This government is focused on delivering meaningful reforms that will ensure a brighter future for our country,” he said.