Friday, 26 August 2016

WHERE IS THE MONEY ? | Nigeria saves N1.4 trn from Subsidy Payments – Osinbajo

The Vice President, Prof Yemi Osinbajo, on Thursday in Kano revealed that the Federal Government has saved N1.4 trillion as proceeds on oil subsidy payments.
                                                                           
Osinbajo, who spoke at the third day of the 15th Joint Planning Board and National Council on Devel­opment Planning meeting held at Tahir Guest Palace, also assured Nigerians that very soon, the foreign ex­change market will stabilise going by some radical poli­cies already introduced by the Central Bank of Nigeria (CBN).

He spoke a day after the Emir of Kano, Alhaji Mu­hammad Sanusi II, warned President Muhammadu Buhari to retrace his steps in terms of economic poli­cies his government has put in place.

Emir Sanusi had also cautioned against what he called ‘unlicensed drivers’ of the economy.
However, Osinbajo dur­ing his speech claimed that the economy was on good stead.

He noted that, 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.