Subsidy

The Minister of Aviation and Aerospace Development Festus Keyamo, says the removal of the petrol subsidy helped the Federal Government increase investment in critical aviation infrastructure, with about $500 million mobilised for the reconstruction of the Lagos airport and other projects.

President Bola Tinubu has declared that Nigeria has crossed its own “Red Sea” after three years of painful economic reforms, ruling out a return to petrol subsidy and announcing what he described as the beginning of an “age of prosperity” for the country.

A subsidy happens when the government covers part of a cost that consumers or producers would usually pay. This can include direct payments, price support, cheaper loans, guarantees, or public infrastructure.

Nigeria’s electricity subsidy bill could reach ₦2 trillion this year if the government maintains the current tariff structure, adding pressure to public finances as the power sector continues to struggle with rising costs and weak revenue collection.

Nigeria's government is developing a framework to reduce the cost of capital without introducing new subsidies in a bid to stimulate private investment and economic growth. Finance Minister Taiwo Oyedele also announced that a detailed report on savings...

Federal Government says savings from petrol and foreign exchange subsidy reforms have been channelled into debt servicing, wage increases, student loans, and other critical national obligations. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, pledges...

May 30 (THEWILL) — President Bola Tinubu has insisted that Nigeria would have slipped into bankruptcy if his administration had failed to remove fuel subsidy, maintaining that the policy decision prevented fiscal collapse and set the economy on a...