Petrol subsidy was costing govt N400bn monthly – Finance Minister

Petrol subsidy was costing govt N400bn monthly – Finance Minister

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the fuel subsidy was incurring a hefty monthly cost of N400 billion for the country.

President Bola Tinubu officially terminated the fuel subsidy era during his inauguration, aiming to redirect funds towards crucial developmental issues.

Months following this significant declaration, Edun, in an exclusive interview with Channels Television, unveiled the financial burden, stating,

“In terms of the government’s finances, they have been revamped and repaired.

And it is not just the fact that there has been the removal of the petroleum subsidy which was costing N400 billion every month to the government at its height.”