The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving eight trillion naira annually from the fuel subsidy removal and exchange rate unification policies.
Oyedele spoke during a panel session at the Lagos Chamber of Commerce and Industry 2024 Economic Outlook and Budget Analysis.
The chairman said it was critical for the government to spend the amount saved from the two policies to ameliorate the suffering of the average Nigerian.
According to Oyedele, there is an urgent need to create digital opportunities for the teeming youthful population because Nigeria has enough capacity to generate twenty billion dollars annually from the technology sector.
Also speaking, the Director General of the Budget Office, Ben Akabueze, expressed concern that the country’s penchant for operating budgets with room for deficit in the past three decades had left a debt profile that has raised concern.
Speaking further, Akabueze dismissed criticisms surrounding inordinate expenditure on the part of the government, noting that Nigeria was not spending enough and that emphasis should be placed on effective spending and not less spending.