{"id":134896,"date":"2024-10-19T23:17:01","date_gmt":"2024-10-19T22:17:01","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/hardship-fuel-fx-subsidies-gone-finance-minister-gives-update-on-nigerian-economy"},"modified":"2024-10-20T00:20:03","modified_gmt":"2024-10-19T23:20:03","slug":"hardship-fuel-fx-subsidies-gone-finance-minister-gives-update-on-nigerian-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-fuel-fx-subsidies-gone-finance-minister-gives-update-on-nigerian-economy","title":{"rendered":"Hardship: Fuel, FX subsidies gone \u2013 Finance Minister gives update on Nigerian Economy"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>The Nigerian Government through the Minister of Finance, Wale Edun has reiterated that fuel and foreign exchange subsidy policies are gone.<\/p>\n<p>Edun disclosed this during the presentation of the Nigeria Development Update by the World Bank in Abuja on Thursday.<\/p>\n<p>\u201cFuel and FX subsidies are extinguished,\u201d he said, noting that the twin policies had imposed financial strain on Nigeria.<\/p>\n<p>Edun revealed that these subsidies had drained the country\u2019s economy, costing over N10 trillion, which amounts to five percent of Nigeria\u2019s Gross Domestic Product (GDP).<\/p>\n<p>This comes as the minister announced a new government plan aimed at addressing unemployment, with a focus on housing finance.<\/p>\n<p>\u201cThe government expects this approach to boost construction activities and generate significant job creation.<\/p>\n<p>\u201cThe plan will be anchored around mortgage and housing financing,\u201d Edun stated.<\/p>\n<p>Earlier, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, explained the rationale behind the recent half-percent interest rate hike which stood at 26.75 percent.<\/p>\n<p>According to him, the policies and interventions to cushion the Naira crisis and inflation are based on empirical data and necessary steps.<\/p>\n<p>\u201cPolicies and decisions will be based on evidence and data going forward\u201d, he said.<\/p>\n<p>Meanwhile, the Governor of Bauchi State, Bala Mohammed speaking at the event, condemned the policies put forward by the Federal Government.<\/p>\n<p>He emphasized that policies are the cause of the hardship Nigerians across the country face.<\/p>\n<p>\u201cThese policies are not working,\u201d he declared.<\/p>\n<p>Recall that in June 2023, the Nigerian government announced fuel and FX subsidies removal.<\/p>\n<p>Consequently, in the last months, the country\u2019s fuel price and FX exchange rate surged to N1030 per liter and N1660.49 from N195 per liter and N461 per dollar in May last year.<\/p>\n<p>This comes as Nigeria\u2019s inflation rose to 32.70 percent in September from 20.41 percent in May 2023.<\/p>\n<p><strong>For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The Nigerian Government through the Minister of Finance, Wale Edun has reiterated that fuel and foreign exchange subsidy policies are gone. Edun disclosed this during the presentation of the Nigeria Development Update by the World Bank in Abuja on Thursday. \u201cFuel and FX subsidies are extinguished,\u201d he said, noting that the twin [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":134895,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[314,772,9410,254],"class_list":["post-134896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-finance","tag-fuel","tag-hardship","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hardship: Fuel, FX subsidies gone \u2013 Finance Minister gives update on Nigerian Economy - Nigeria<\/title>\n<meta name=\"description\" content=\"The Nigerian Government through the Minister of Finance, Wale Edun has reiterated that fuel and foreign exchange subsidy ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-fuel-fx-subsidies-gone-finance-minister-gives-update-on-nigerian-economy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hardship: Fuel, FX subsidies gone \u2013 Finance Minister gives update on Nigerian Economy\" \/>\n<meta property=\"og:description\" content=\"The Nigerian Government through the Minister of Finance, Wale Edun has reiterated that fuel and foreign exchange subsidy ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-fuel-fx-subsidies-gone-finance-minister-gives-update-on-nigerian-economy\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-19T22:17:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-19T23:20:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/10\/sm_1729367385.879595.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"862\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-fuel-fx-subsidies-gone-finance-minister-gives-update-on-nigerian-economy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-fuel-fx-subsidies-gone-finance-minister-gives-update-on-nigerian-economy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Hardship: Fuel, FX subsidies gone \u2013 Finance Minister gives update on Nigerian Economy\",\"datePublished\":\"2024-10-19T22:17:01+00:00\",\"dateModified\":\"2024-10-19T23:20:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-fuel-fx-subsidies-gone-finance-minister-gives-update-on-nigerian-economy\"},\"wordCount\":323,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-fuel-fx-subsidies-gone-finance-minister-gives-update-on-nigerian-economy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/10\/sm_1729367385.879595.jpg\",\"keywords\":[\"Finance\",\"fuel\",\"Hardship\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-fuel-fx-subsidies-gone-finance-minister-gives-update-on-nigerian-economy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-fuel-fx-subsidies-gone-finance-minister-gives-update-on-nigerian-economy\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-fuel-fx-subsidies-gone-finance-minister-gives-update-on-nigerian-economy\",\"name\":\"Hardship: Fuel, FX subsidies gone \u2013 Finance Minister gives update on Nigerian Economy - 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