The Deputy Speaker of the House of Representatives, Benjamin Kalu, has highlighted the economic benefits of removing Nigeria’s fuel subsidy, revealing that the Federal Government saved $10 billion in 2023 alone.
Kalu made this disclosure during a meeting with investors and scholars at Oxford University, United Kingdom, as part of the UK-Nigeria Parliamentary Strategic Dialogue. A statement by his Chief Press Secretary, Levinus Nwabughiogu, detailed Kalu’s discussions on politics, security, and development with the team led by Professor Peter Claus of Pembroke College, Oxford.
According to Kalu, the savings from the subsidy removal have been channeled into critical sectors such as healthcare, education, and infrastructure, improving service delivery and addressing long-neglected areas of development.
Additionally, Kalu noted a 22% surge in dollar remittances from the Nigerian diaspora, which amounted to $28 billion in 2024. “The removal of the fuel subsidy saved the government $10 billion in 2023, redirecting funds to healthcare, education, and infrastructure, while dollar remittances from the Diaspora have increased by as much as 22 per cent, totaling $28 billion,” he stated.
Security and Development Gains
Beyond economic achievements, Kalu emphasized progress in security, citing improved collaboration between the Nigerian armed forces and regional counterparts. This synergy, he said, has resulted in the capture of over 1,500 insurgents in the Lake Chad Basin, bolstering stability in the region.
On technological and developmental initiatives, the Deputy Speaker highlighted government efforts to promote innovation, describing them as key to Nigeria’s long-term economic growth.
The Deputy Speaker’s remarks underscore the Federal Government’s commitment to leveraging the financial gains from subsidy removal to address critical challenges and stimulate economic transformation.