Nigeria was losing N400 billion to fuel subsidy every month – Finance Minister

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that fuel subsidy was costing the Federal Government N400 billion monthly.

Edun made the revelation while granting an interview on Channels Television as he emphasised that government’s finances have been repaired.

Recall that President Bola Tinubu, during his inauguration last year declared that fuel subsidy will be discontinued and the funds will be redirected towards developmental initiatives.

The minister said; “In terms of the government’s finances, they have been revamped and repaired. 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.”

Meanwhile, in another news…

Director-General of the Nigerian Meteorological Agency, Mansur Matazu revealed last year that flooding cost Nigeria $4.6 billion, significantly impacting the country’s GDP.

Matazu made the disclosure at a workshop on increasing access to climate information services for national development and food security in Nigeria.

He cited a World Bank Survey commissioned by the Ministry of Humanitarian Affairs and stated that the research was based on a fast assessment of the monetary implications of 2022 flood damages in terms of livelihoods, farmlands, and infrastructure.

The DG noted that the country was recovering from the disaster and was working on long-term flood solutions to boost the agricultural sector and support Nigeria’s current food security strategy.

He said, “The damage the flood has caused in the form of livelihood, farmland, and infrastructure- it has cost the country over $4.6 billion, and that is a significant weight on our GDP.”