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A Magistrates Court sitting in Isabo in the Abeokuta area of Ogun State has granted bail to controversial Nigerian singer, Habeeb Okikiola, popularly known as Portable, following his arraignment on charges of assault and obstruction of government officials. The singer was declared wanted by the state police command on Monday. He however surrendered himself to
The Federal Government says it has saved $20 billion by removing petrol subsidy and adopting market-based foreign exchange pricing. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this disclosure at an event in Abuja marking the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of
Nigerian Govt saved $20bn by removing subsidies – Finance minister, Edun
The Federal Government says it has saved $20 billion by removing petrol subsidy and adopting market-based foreign exchange pricing.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this disclosure at an event in Abuja marking the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation.
According to him, the two subsidies were costing the country five percent of the Gross Domestic Product, GDP.
“When there was a subsidy on PMS and on foreign exchange, they collectively cost five percent of GDP. Assuming GDP was $400 billion on average, five percent of that is $20 billion — funds that could now go into infrastructure, health, social services, and education,” he said.
The minister further noted that the savings are being redirected into developmental projects.
“The real change is that no one can wake up and target cheap funding or forex from the Central Bank to enrich themselves without adding value.
“Similarly, profiteering from the inefficient petrol subsidy regime is no longer possible,” he added.
DAILY POST recalls that President Bola Tinubu officially ended the petrol subsidy regime on May 29, 2023.
Nigerian Govt saved $20bn by removing subsidies – Finance minister, Edun
Kenya has announced a shift in its travel policies, allowing citizens of nearly all African countries to visit without prior authorisation. But the introduction of Electronic Travel Authorisation, which replaced the visa requirement for all visitors, was criticised as a “visa under another name”. The decision, confirmed by a cabinet statement on Tuesday, eliminates the
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Kenya has announced a shift in its travel policies, allowing citizens of nearly all African countries to visit without prior authorisation. But the introduction of Electronic Travel Authorisation, which replaced the visa requirement for all visitors, was criticised as a “visa under another name”. The decision, confirmed by a cabinet statement on Tuesday, eliminates the
The Ogun State Police Command announced on Tuesday that it had initiated an investigation into an alleged assassination attempt on…
