The Federal Government says it has no intention to borrow from any local or foreign organization with its removal of subsidy on petrol and exchange rate harmonization.
The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.
He said that the benefit of the subsidy removal would be plowed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment.
Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short-, medium–, and long-term basis.
He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi
The economic crisis and hardship in Nigeria are parts of the discussion.
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