The Deputy Speaker of the House of Representatives, Benjamin Kalu, has disclosed that the Federal Government saved around $10 billion in 2023 following the removal of the fuel subsidy.
Speaking at Oxford University in London during a meeting with investors and scholars as part of the United Kingdom-Nigeria Parliamentary Strategic Dialogue, Kalu emphasized the positive economic impact of the subsidy removal. He noted a significant 22% increase in Diaspora dollar remittances, which reached $28 billion in 2024.
In a statement released by his Chief Press Secretary, Levinus Nwabughiogu, Kalu revealed that funds previously allocated to the subsidy have been redirected to vital sectors such as healthcare, education, and infrastructure.
Additionally, he highlighted improvements in security, noting that collaboration between Nigerian armed forces and regional allies has resulted in the capture of over 1,500 insurgents in the Lake Chad Basin.
On development efforts, Kalu stated that the government has introduced programs aimed at fostering technological innovation and driving growth in various sectors. He described these initiatives as critical to advancing Nigeria’s economy and improving the quality of life for its citizens.
Kalu said, “The removal of the fuel subsidy saved the government $10 billion in 2023, redirecting funds to healthcare, education, and infrastructure, while dollar remittances from the Diaspora have increased by as much as 22 percent, totaling $28 billion.”