FG to plough back gains of subsidy removal

From Our Correspondent

The Federal Government says it will plough back benefits accruable from subsidy removal to boost revenue and improve business environment for local and foreign investment.

Chief Wale Edun, the Minister of Finance, announced this after the inaugural Federal Executive Council meeting on Monday in Abuja.

Edun, also Coordinating Minister for Economy, said the government has no intention to borrow from any local or foreign organisation.

With the removal of subsidy on petrol and exchange rate harmonisation, he said there was no wisdom in borrowing again.

The minister had released various palliatives to cushion effects of subsidy removal on a short, medium and long-term basis.

According to him, the government is able to do this following the increased revenue from subsidy removal.

Edun reiterated President Bola Tinubu-led administration’s desire to bring back the economy from the wood over time.

Also speaking, Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said investment offers were already coming up in different sectors.

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According to Uzoka-Anite, the government is receiving offers in areas of oil and gas, health, solid minerals and agriculture.

She said that her ministry would collaborate with relevant MDAs to achieve the President’s commitment to creation of jobs for the teeming youthful population of Nigeria.

Health Minister, Ali Pate, said the government would exploit critical sections of the health value chain to improve the economy.

Pate said that the President had directed ministers to be courageous and innovative in making decisions that would benefit the country.

He added that the president has already taken such moves.

According to him, President Tinubu is responsive to the need to set the economy on the path of progress.

This, he added, the President demonstrated with the removal of subsidy on petrol from the first day of his inauguration.

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