Home News Subsidy Removal: FG Will No Longer Borrow From Local Or International Sources

Subsidy Removal: FG Will No Longer Borrow From Local Or International Sources

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Monday August 28, 2023

The Federal Government has declared that it will no longer pursue borrowing from local or international sources, following its decision to eliminate subsidies on petrol and align exchange rates.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, shared this information after the inaugural Federal Executive Council meeting held in Abuja on Monday.

Mr. Edun explained that the funds saved from subsidy removal will be reinvested in various sectors, aiming to enhance government revenue and foster a more favorable business environment for both domestic and foreign investments.

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