The Deputy Speaker of the House of Representatives, Hon. Benjamin Okezie Kalu, has highlighted the significant economic benefits resulting from the removal of the fuel subsidy in Nigeria, noting that the government saved $10 billion in 2023. He also pointed out that the policy led to a 22% increase in dollar remittances from the Nigerian diaspora, totaling $28 billion in 2024.
Kalu made these statements during a recent meeting with investors and scholars at Oxford University in London, as part of his ongoing UK-Nigeria Parliamentary Strategic Dialogue working visit to the United Kingdom. He was accompanied by fellow members of the House of Representatives, including Hon. Chris Nkwonta, Hon. Ginger Onwusibe, and Hon. Ibe Okwara. The Deputy Speaker addressed key issues in politics, security, economy, and development with the group, which was led by Peter Claus, Professor of History and Access Fellow at Pembroke College, University of Oxford.
Other attendees at the discussion included Dr. Christopher Nwadiba, Fellow at Oxford University; Dr. Dyedra Morrissey, Lecturer at Said Business School, Oxford University; Dr. Nwirivu Rupara, Engr. Jackson Offor, and Ms. Sandra Elias, all of Oxford University.
Kalu emphasized that the savings from the subsidy removal have allowed the government to redirect funds into critical sectors such as healthcare, education, and infrastructure. He also noted that the economic gains from this policy were further complemented by a 3.19% increase in Nigeria’s GDP in Q2 2024. Additionally, the government’s focus on economic growth has attracted $6.4 billion in Foreign Direct Investment (FDI) in 2024.
The Deputy Speaker further commended President Tinubu’s administration for its strides in politics, security, the economy, and development, in line with the Legislative Agenda of the 10th House of Representatives. He highlighted the strengthening of democratic institutions through legislative reforms, including the passage of the South East and North West Development Commission Acts. Kalu also noted the government’s efforts to enhance electoral integrity through technology-driven processes, which have boosted political engagement among Nigeria’s youth.
On security, Kalu pointed out a 47% reduction in incidents of banditry in the North-West between Q2 2023 and Q4 2024. He also revealed that collaborative operations between the Nigerian Armed Forces and regional counterparts had led to the capture of over 1,500 insurgents in the Lake Chad Basin.
