Nigeria has saved $20bn from subsidy removal and Naira float policies - Edun

Wale Edun, Nigeria's Minister of Finance and Coordinating Minister of the Economy, announced that the country has saved $20 billion by eliminating petrol subsidies and adopting market-driven foreign exchange pricing.

Speaking at an event in Abuja marking the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation, Edun explained that these subsidies previously cost the nation five percent of its GDP.

“Both subsidies—on petrol and foreign exchange—amounted to about five percent of GDP, which, based on an average GDP of $400 billion, translates to $20 billion. These funds can now be channeled into infrastructure, health, education, and social services,” he stated.

Edun emphasized that the savings are being redirected to critical sectors and highlighted the shift in economic practices. “With these reforms, no one can profit from accessing cheap central bank funding or benefiting from inefficient subsidy systems without adding real value. The days of gaining wealth overnight simply by knowing the right people are over,” he added.