With the elimination of the petrol subsidy and the harmonisation of currency rates, the Federal Government claims it has no intention of borrowing from domestic or international institutions.
This information was made public by Chief Wale Edun, Minister of Finance and Coordinating Minister for the Economy, on Monday in Abuja at the conclusion of the first Federal Executive Council meeting.
He claimed that the removal of subsidies will increase revenue for the government and enhance the economic climate for both domestic and foreign enterprises.
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Edun said that different palliatives have been made available to lessen the impact on a short, medium, and long term basis of the increased revenue from subsidy elimination.
He reaffirmed the intention of the President Bola Tinubu-led administration to restore the economy from the mess it has found itself over the years
This occurred as Doris Uzoka-Anite, the minister of industry, trade, and investment, declared that investment opportunities were already emerging in a variety of economic sectors, including oil and gas, medicine, solid minerals, and agriculture.
She declared that in order to fulfil the president’s directive to create jobs for Nigeria’s thronging young population, her ministry would work in conjunction with other pertinent Ministries, Departments, and Agencies.
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Dr. Ali Pate, the minister of health, stated that crucial facets of the health value chain would be used to boost the economy and give Nigerians work.
He claimed that the president had instructed the ministers to make bold and creative decisions for the good of the country, and he himself had already done so.
With his decision to end the petrol subsidy as soon as he took office, the president, according to Pate, demonstrated his understanding of the necessity to put the economy on a road of progress.
Alhaji Mohammed Idris, the minister of information and national orientation, added that the president had urged the cabinet members to be transparent in their dealings, particularly when it came to distributing important information.
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In order to avoid misleading the public, he advised the media to take advantage of the chance to verify and fact-check their articles.
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