Fuel subsidy removal: Keyamo reveals $500m Lagos airport funding, says investors rushing into Nigeria
The Minister of Aerospace and Space Development, Festus Keyamo, SAN, has said savings from the removal of fuel subsidy by President Bola Ahmed Tinubu’s administration provided the $500 million used for the reconstruction of the Lagos airport and other critical aviation infrastructure. Keyamo made this disclosure on Monday at an event in Lagos. Keyamo said […] Fuel subsidy removal: Keyamo reveals…
Minister of Aerospace and Space Development, Festus Keyamo, revealed that the $500 million used to reconstruct the Lagos airport and other critical aviation infrastructure was sourced from savings made after the removal of fuel subsidy by President Bola Ahmed Tinubu's administration. Speaking at an event in Lagos, Keyamo stated that the funds were not obtained through borrowing, as Nigeria's liquidity and foreign reserves had improved under the Tinubu administration.
He highlighted that President Tinubu raised $500 million to rebuild the Lagos airport without the need for borrowed money, attributing the financial growth to the rising liquidity and foreign reserves, which increased from $3 billion to $56 billion. Keyamo also noted that the improvement in Nigeria's aviation sector has led to a surge of investors rushing into the country, recognizing it as a more viable investment destination.
President Tinubu removed the fuel subsidy in 2023, and by August 2026, the Minister of Finance, Taiwo Oyedele, reported an additional N20.4 trillion in incremental resources during the fuel subsidy removal period, while N30.64 trillion was spent.
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