FG was losing N400bn monthly to fuel subsidy – Finance Minister, Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says fuel subsidy was costing the Federal Government N400 billion monthly.

Edun revealed this in an interview on Channels Television monitored by reporters.

Gatekeeper recalls that President Bola Tinubu, during his inauguration, declared the end of the fuel subsidy era to redirect funds towards developmental initiatives.

“In terms of the government’s finances, they have been revamped and repaired.

“And it is not just the fact that there has been the removal of the petroleum subsidy which was costing N400 billion every month to the government at its height,” the minister said.