Tony Elumelu Speaks on Tinubu's Reforms Amid N1.8 Trillion Savings From Subsidy
- The Nigerian government said it had amassed N1.83 trillion in subsidy savings
- The funds were saved in June and July 2023, consisting of N1.05 trillion and N779.89 billion, respectively
- The Chairman of HEIRS Holdings and Transcorp Pls, Tony Elumelu, hailed President Tinubu's reforms
The Nigerian government says it saved N1.83 trillion two months after subsidy payments ended.
The windfall accumulated in June and July 2023, a Federation Account Allocation Committee (FAAC) source said.
Source: Getty Images
Breakdown of savings between June and July
BusinessDay reports that the source said the government saved the amount as a contingency need.
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It consists of N1.05 trillion from the N1.97 trillion revenue generated in June and another N779.89 billion from the N1.74 trillion revenue earned in July.
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, said the plan is to use the money to execute projects without borrowing.
Edun echoed Tinubu's words when he stated at a recent NBA conference that the era of borrowing to service debts is over.
The N1.83 trillion savings from subsidy is held in the federation account with the Central Bank of Nigeria.
Elumelu commends Tinubu's policies
Meanwhile, Tony Elumelu, Chairman of HEIRS Holdings and Transcorp Pls, praised Tinubu's reforms and said they are in the country's best interest.
Elumelu spoke after a private sector meeting with Tinubu, stating that the president's actions are designed to profit Nigerians, especially women and youths.
"The President's decisions are geared towards our people, youth, and women, ensuring job opportunities and empowerment."
FG saves N400 billion from subsidy removal in 4 weeks as marketers speak on petrol price hike
Legit.ng reported that the Nigerian government had saved about N400 billion due to the removal of subsidies on petrol since May 31, 2023, when the policy became effective, according to oil marketers on Thursday, June 29, 2023.
Oil dealers said there was a high possibility for an increase in the price of petrol in July due to the recent naira float against the US dollar.
The Central Bank of Nigeria announced unified exchange rates in Nigeria in the Investor's and Exporters' window on June 14m 2023, which allows forces to determine the exchange rate.
Source: Legit.ng
