Nigeria says that it can handle issues emanating from withdrawal of fuel subsidies on its own

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Nigeria says it has no intention to borrow from any local or foreign organization with its removal of subsidy on petrol and exchange rate harmonization

Nigeria says it has no intention to borrow from any local or foreign organization with its removal of subsidy on petrol and exchange rate harmonization. This was revealed by its finance minister Edun as the new government tries to find a solution to the nation’s ailing economy with double-digit inflation and a high debt burden.

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Edun who doubles as the coordinating minister for the economy said that the benefit of the subsidy removal would be invested back into various sectors aimed at boosting government revenue and improving the business environment for investment.

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In May, President Bola Tinubu vowed to expand the economy by at least 6% a year to create a sufficient number of jobs. Critics say the bold reforms Tinubu has embarked upon so far have sent prices of basic goods and services soaring. It has put unprecedented pressure on average Nigerians who have no safety nets.