The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that Nigeria expects to generate approximately N700 billion monthly from October 2024.
This revenue is anticipated through profits from crude oil sales in Naira and ongoing subsidy removal reforms.
Edun made the disclosure at a press briefing after the National Economic Council (NEC) meeting, presided over by Vice President Kashim Shettima.
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He emphasized that the recent initiative requiring local refineries to pay for crude in Naira enables market-driven pricing of petroleum products and foreign exchange.
He added, “Despite certain deductions proposed by NNPC, the overall gain for the nation is substantial and poised to grow as these pricing reforms are sustained.”
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