The federal government has officially ended fuel and foreign exchange subsidies, Minister of Finance and Coordinating Minister of the Economy Wale Edun revealed on Thursday.
The minister made the announcement during the presentation of the Nigeria Development Update by the World Bank in Abuja.
The subsidies, the government said drained the country’s economy to the tune of N10 trillion, equivalent to five percent of Nigeria’s Gross Domestic Product (GDP).
“Fuel and FX subsidy are extinguished,” Edun declared.
To address the pressing issue of unemployment, the government has unveiled a new plan focused on housing finance. This initiative features a mortgage scheme offering near single-digit interest rates, aimed at boosting construction activities and generating significant job creation.
“The plan will be anchored around mortgage and housing financing,” Edun stated.
At the same event, Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, shed light on the recent half-percent interest rate hike.
He said the Monetary Policy Committee (MPC) had anticipated the latest inflation trends, prompting the decision to increase the rate.
“Policies and decisions will be based on evidence and data going forward,” Cardoso said.
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