The Federal Government has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.
The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.
He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving business environment for local and foreign investment.
Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long term basis.
He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself overtime.
Similarly, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said investment offers were already coming up in different sectors of the economy, including oil and gas, health, solid minerals and agriculture.
She said that her ministry would collaborate with relevant Ministries, Departments and Agencies of government to achieve the president’s commitment to creation of jobs for the teeming youthful population of Nigeria.
On his part, the Minister of Health, Dr Ali Pate, said that critical sections of the health value chain would be exploited to improve the economy and create jobs for Nigerians.
He said that the president had advised them to be courageous and innovative in taking decisions that would benefit the country, adding that the president has already taken such moves.
