The Federal Government, on Tuesday declared that it has saved N1.4 trillion through the removal subsidy on oil.
The disclosure was made by the The Vice President, Yemi Osinbajo, during the 15th Joint Planning Board and National Council on development meeting in Kano State.
Osinbajo also called for patience from Nigerians, assuring that President Muhammadu Buhari’s administration would fix the economy.
According to Osinbajo, “With the deregulation of the downstream petroleum sector, there has been a significant increase in the availability of petrol throughout the country for the savings of N1.4 trillion on subsidy payments alone.
“Also, a more flexible exchange rate regime, we will have to decrease the pressure on the external reserve. In the short run, of course, there should be consequences for inflation.
“We expect that with greater priority we have seen in the implementation of the policy by the CBN, the foreign exchange market will stabilize and confidence will be restored.”
