Osinbajo: We’ve saved N1.4trn by not paying fuel subsidy – The Cable

Vice President Yemi Osinbanjo says the federal government has saved N1.4 trillion for not paying oil subsidy.

Speaking in Kano on Thursday during the third day of the 15th Joint Planning Board and National Council on development meeting, Osinbajo urged Nigerians not to lose faith in Buhari’s administration, saying the president would fix the economy.

“With the deregulation of the downstream petroleum sector, there has been a significant increase in the availability of petrol throughout the country for the savings of N1.4 trillion on subsidy payments alone,” Osinbajo said.

“Also, a more flexible exchange rate regime, we will have to decrease the pressure on the external reserve. In the short run, of course, there should be consequences for inflation.

“We expect that with greater priority we have seen in the implementation of the policy by the CBN, the foreign exchange market will stabilize and confidence will be restored.”

He spoke on what the Buhari-led administration has been doing on strengthening Nigeria’s economic planning.

“Let me speak briefly about some of the things that the Buhari administration is doing with regard to strengthening short and medium term planning.

“We have strengthened the link between budgeting and strategic planning by  merging the National Planning Commission with the Budget office of the federation.

“We have adopted zero base budgeting, which compels the interrogation of public expenditure at micro levels and allows effective deployment of limited financial resources to areas and sectors with the greatest need.

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