The Federal Government yesterday outlined how key reforms in the downstream petroleum sector and foreign exchange (forex) market would unlock more than N10 trillion to build infrastructure.
Part of the funds saved from the termination of petrol and forex subsidies will be used to fund education, healthcare, housing, and other social services.
The World Bank also yesterday underscored the need for Nigeria to sustain ongoing economic reforms, which it noted had averted a fiscal crisis and stabilised the overall macroeconomic outlook.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, while acknowledging the pain points of the ongoing macroeconomic reforms, said the difficult steps taken by the government would birth a new era of long-term, sustainable growth for the benefit of all Nigerians.
Edun spoke at the presentation of the Nigerian Development Update (NDU) in Abuja. He explained that with the savings from the removal of subsidies, there would be enormous positive multiplier effects at all levels of government as well as the private sector.
