Deputy Speaker of the House of Representatives Benjamin Kalu has highlighted the economic benefits of the removal of fuel subsidies, revealing that the Federal Government saved $10 billion in 2023.
He also reported a 22% increase in diaspora dollar remittances, which reached $28 billion in 2024.
Kalu, a member of the All Progressives Congress, made these remarks during a meeting with investors and academics at Oxford University in London.
The event was part of the ongoing UK-Nigeria Parliamentary Strategic Dialogue during his working visit to the United Kingdom.
According to a statement from his Chief Press Secretary, Levinus Nwabughiogu, Kalu discussed various topics, including politics, security, and development, with the group led by Peter Claus, a professor at Pembroke College, University of Oxford.
Kalu noted that the funds saved from the subsidy removal have been redirected toward vital sectors like healthcare, education, and infrastructure.
Additionally, he credited enhanced collaboration between Nigerian armed forces and regional partners with the apprehension of over 1,500 insurgents in the Lake Chad Basin.
On technological advancement, the Deputy Speaker mentioned the government’s efforts to launch programs aimed at fostering innovation and development.
“The removal of the fuel subsidy saved the government $10 billion in 2023, redirecting funds to healthcare, education, and infrastructure, while dollar remittances from the diaspora have increased by as much as 22%, totalling $28 billion,” Kalu stated.