NRS Chairman: Fuel subsidy could have pushed naira to N3,500/$
The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has said Nigeria’s fuel subsidy bill could have risen to about N53 trillion and the naira, potentially pushing the exchange rate N3,500 to the dollar, if President Bola Tinubu had not removed the subsidy in 2023. He made the remarks during an interview on Channels […] The post NRS Chairman: Fuel subsidy could have pushed naira to…
Nigeria's NRS Chairman, Zacch Adedeji, has stated that the country's fuel subsidy could have risen to about N53 trillion and potentially pushed the exchange rate to N3,500 per dollar if President Bola Tinubu had not removed the subsidy in 2023. The removal of the subsidy, which Adedeji defended during an interview on Channels Television, was seen as a necessary intervention to ensure the long-term sustainability of the Nigerian economy.
Adedeji argued that the subsidy was not a sustainable government expenditure and amounted to borrowing money to purchase petrol at a higher price and selling it to consumers at a lower price, which would have left the government with unsustainable fiscal obligations and limited resources for other areas of the economy.
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