ARTICLE AD BOX
The Minister of Solid Minerals Development, Dele Alake said on Thursday the removal of fuel subsidy by the current administration stopped Nigeria’s economy from crashing.
Alake stated this at the 2026 Nigeria Revenue Service- Ministry of Solid Minerals Development (NRS-MSMD) Joint Stakeholder Sensitisation programme (North-Central).
He said without the subsidy removal, Nigeria would have faced dire consequences, including falling into severe economic crisis and possible collapse.
The minister said the ongoing reforms by President Bola Tinubu’s administration were aimed at repositioning the economy.
He said: “Because by the time this government came into power, or even long before it came into power, this country was borrowing money to pay salaries.
“Not to capitalise the economy, but to pay salaries with current expenditure, not capital.
“When a society or a nation borrows to pay salaries, you know what that means, there can be no development.
READ ALSO:
“At some point when borrowing became too difficult and we are having difficulties, because our credit ratings crashed too.
“ So, the borrowing agencies were very sceptical of looking at us. What did we start to do? We started to print currency locally, we printed over 20 trillion.”
Alake noted tat the current reforms were efforts to prevent the economy from further deteriorating.
He traced Nigeria’s economic decline to pre-Tinubu’s administration due to a shift from local production in 1960s to early 1980s to heavy importation.
The post Fuel subsidy removal stopped Nigeria’s economy from crashing – Alake appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.
English (US) ·