The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving N8trillion naira annually from the fuel subsidy removal and exchange rate unification policies.
Oyedele spoke during a panel session at the Lagos Chamber of Commerce and Industry 2024 Economic Outlook and Budget Analysis. He, therefore, said it was critical for the government to spend the amount saved from the two policies to ameliorate the suffering of the average Nigerian.
According to Oyedele, there is an urgent need to create digital opportunities for the teeming youthful population because Nigeria has enough capacity to generate 20 billion naira annually from the technology sector. Hinting on some of the recommendations the panel has made to the Federal Government, Oyedele said there was an urgent need to promote exports, including services and intellectual property.
He also said that out of the $20billion naira diaspora remittances recorded in 2023, more than 90 per cent of the funds did not arrive Nigeria in foreign currencies because of existing loopholes which allow middlemen to divert the foreign currencies and pay the recipients of the funds in naira.