The Federal Government says it has no intention of borrowing from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.
This information was made public by Chief Wale Edun, Minister of Finance and Coordinating Minister of the Economy, on Monday in Abuja after the first Federal Executive Council meeting.
To increase government revenue and enhance the business climate for both domestic and foreign investment, he said that the benefits of the subsidy removal would be invested back into several sectors.
Edun said that different palliatives had been made available to mitigate the consequences on a short, medium, and long-term basis with the extra money from subsidy removal.
He reiterated the President Bola Tinubu-led administration’s desire to bring the economy back from the woods in which it has found itself over time.