Nigerians have questioned the Federal Government’s continued borrowing despite claims of saving $20 billion from the removal of fuel subsidy.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed on Monday that the removal of the petrol subsidy and the adoption of market-based pricing for foreign exchange had saved the country an estimated $20 billion.
The announcement, however, drew sharp criticism on Tribune Online’s social media platforms, with many questioning the use of the savings and its impact on the economy.
A Facebook user, Isaac Awotidoye Comrade, commented, “Why is this government still borrowing again if you have saved $20bn from subsidy removal? Unfortunately, this money will still go into politicians’ pockets and not for the welfare of the Nigerian masses.”
Similarly, Hardeyborlah Omo Kulodo wrote, “I can’t stop laughing. Big lie. Nigeria has saved $20 billion but is still borrowing left, right, and center. I pity this country and the people living there.”
Rotimi Ogunlana questioned, “When you have saved $20b, why are you borrowing to finance the budget again?”
Another user, Abdulhameed Labaran, asked, “If you have saved $20bn, what is the essence of borrowing ₦1.77 trillion from the IMF?”
Akinbuwa Nelson Olaitan added, “Why is Nigeria still borrowing? Why save this much when our people are dying of hunger?”
Alexander Nwaolulu remarked, “Where is the money, and why are you still borrowing? Nigerians should be living better if this is true. Why has it not affected the high cost of food?”
Monday Mascot Shaibu also questioned, “Really? Why is the same FG on a borrowing spree? The dots are not connecting.”
Tribune Online reports that President Tinubu on his swearing-in at the Eagle Square Abuja on May 29, 2023, had announced an end to fuel subsidy in Nigeria which led to petrol selling at N617 from N175 which the government of former President Muhammadu Buhari left.
