Kunle Adelabu
The Federal government has said that so much gains have been made with the funds accruable from the subsidy removal in the past months in a bid to reposition the economy.
It listed the increased in the monthly allocations to state and local governments; payment of foreign debts; releasing billions to support students’ education and massive infrastructural projects among many others as what the funds from the subsidy have been used for.
The Special Assistant to the President on Social Media, Dada Olusegun, revealed this on his social media handle on Tuesday.
Nigerians have been complaining of the effects of the fuel subsidy removal on assumption of office by President Bola Tinubu, with food items, transport fares and cost of other daily needs of average citizenry on the high.
He listed what has been the effects of fuel subsidy removal and the other reforms.
“Monthly allocations to many states and local governments, have increased significantly with some getting up to 40% increase.
“Nigeria has successfully paid billions of inherited debts from several administrations.
“Hundreds of billions have been allocated to the revolutionary Students loan and Consumer Credit Schemes.
“Landmark infrastructures are currently going on across the country, with existing roads and railways getting completed and new ones such as Lagos-Calabar highway moving at incredible pace”, he said.
Dada also stated that the present administration has also improved on the country’s foreign reserve which, according to him, has increased from $34bn to $39bn, and payment of debt to gas companies, which has also increased electricity generation.
He also listed the FG’s support for MSMEs and increase in the minimum wage from N30, 000 to N70, 000 among others.
“Nigeria’s foreign reserves have increased from $34bn in 2023 to $39bn in October 2024.
“Debt to revenue ratio has dropped drastically from 97% in 2023 to around 64%.
“Fuel consumption has dropped drastically from 66million litres daily to 25million liters, signifying a massive reduction in smuggling to nearby countries.
“Payment of debts owed to gas companies, have resulted in massive improvements in electricity generation from 4300MW to 5500MW.
“Over 1 million MSMEs have benefited from N50,000 grants.
“Minimum wage has been increased from N30,000 to N70,000.
“It has been a challenging year so far, but it must be said that so much progress has been made in the bid to reposition the economy for a sustainable future”, Dada said.
