Subsidy removal funded $500m Lagos airport rebuild – Keyamo

Festus Keyamo, the Minister of Aviation and Aerospace Development, revealed that the removal of the fuel subsidy has enabled the President Bola Tinubu's administration to raise $500 million for the reconstruction of the Lagos airport and other aviation infrastructure within two years. Speaking at the 67th anniversary of Aero Contractors Airline in Lagos, Keyamo emphasized that the funds used for these critical infrastructural developments were not borrowed but were made possible by the country's improved liquidity and foreign reserves.

He stated that the Nigerian foreign reserves rose from $3 billion to $56 billion during this period, attracting investors who now view Nigeria as a viable economy. Keyamo highlighted that macroeconomic stability is crucial in attracting foreign investment, which leads to job creation and infrastructure development. He criticized those questioning the relevance of stronger foreign reserves, arguing that it is essential for Nigerians to see the country as healthy and stable to attract investment, create jobs, and develop infrastructure.