Sanwo-Olu Foresees $2.5 Billion Savings for Nigeria in Fuel Subsidy Removal
Lagos State Governor, Babajide Sanwo-Olu, has commended President Bola Tinubu for the bold move to remove fuel subsidy, estimating that it will save Nigeria approximately $2.5 billion in budgetary expenditure.
In an interview on Sky News, UK, Sanwo-Olu highlighted the unprecedented audacity of the President in taking such a step, emphasising the potential redirection of these substantial funds towards critical sectors like education, health, and poverty reduction.
The governor urged the Nigerian public to exercise patience, asserting that the positive impacts of the subsidy removal would become evident within a year.
He pointed to President Tinubu’s Renewed Hope program as a bold and laudable agenda that would yield results in the coming months.
Responding to inquiries about Lagos setting up an international financial council, Sanwo-Olu clarified that the aim is to create an investment-friendly environment for global investors.
He expressed the vision for Lagos to become a financial hub for Africa, leveraging its large population and GDP.
The international financial council is intended to showcase Lagos’s potential to the world, especially in London, and facilitate strategies for supporting foreign direct investors, particularly in areas like the tech industry and financial services.
Governor Sanwo-Olu emphasized the need to attract international organizations to Lagos, fostering growth in various sectors such as technology, finance, and the creative industry.
The establishment of the financial council aligns with the broader goal of positioning Lagos as a prime destination for global investments and economic development.
Source: Nairametrics
