A stakeholder in Nigeria’s energy sector and former presidential candidate, Mr. Gbenga Olawepo-Hashim, has said Nigeria will exceed the projection of Price
He added that Foreign Direct Investment into Nigeria’s economy fell from $2.2 billion in 2014 to $0.47 billion in 2022, while the budget deficit rose by 370.54 percent from 2016 to 2023. Total public debt as of June 2013 was N7.93 trillion. It’s now at around N77 trillion.
Addressing journalists in Abuja on Monday, Olawepo-Hashim said “But in the last one month, the President has announced two major economic reforms. These include ending the debilitating petrol subsidies and the unification of the naira’s multiple exchange rates. The petrol subsidies, experts agree, has strained Nigeria’s public accounts, contributing to a situation where higher global oil prices hurt, rather than help the economy.”He noted that the current policy reforms have eliminated distortions in the foreign exchange management on the one hand; and the removal of the corrupt system of oil subsidies on the other hand.
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