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FG Officially Ends Fuel, FX Subsidies, Unveils Housing Finance Plan To Tackle Unemployment - PorscheClassy Media
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FG Officially Ends Fuel, FX Subsidies, Unveils Housing Finance Plan To Tackle Unemployment

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The Federal Government has officially ended “fuel and Foreign Exchange (FX) subsidies,” Finance Minister and Coordinating Minister of the Economy, “Wale Edun,” announced on Thursday during the presentation of the Nigeria Development Update by the World Bank in Abuja.

Edun disclosed that the subsidies had significantly strained the nation’s economy, costing Nigeria around “N10 trillion,” which is about five percent of the country’s Gross Domestic Product (GDP).

“Fuel and FX subsidy are extinguished,” the minister stated, marking a major shift in economic policy.

In response to growing unemployment, the government is launching a new plan focused on housing finance.

The initiative includes a mortgage scheme with near single-digit interest rates, intended to boost construction and generate considerable job opportunities.

At the same event, Central Bank of Nigeria (CBN) Governor, “Olayemi Cardoso,” discussed the recent half-percent interest rate hike by the Monetary Policy Committee (MPC), attributing the increase to inflationary pressures.

He assured that future policies would be “data-driven and evidence-based.”

BIG STORY

Dapo Abiodun Meets Security Chiefs To Ensure Safety In Ogun

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Ogun State Governor, Dapo Abiodun, held a meeting on Monday with security chiefs in the state to review the current security landscape and reinforce preparedness measures.

In a post on X, the governor stated that he met with the “security chiefs in Ogun State today to assess the level of security in the state and the country as it relates to us.” He added that “As we often say, the best time to prepare for war is during a time of peace.”

Abiodun noted that Ogun remains one of the most stable environments in the country, saying, “Ogun State is currently regarded as one of the most peaceful states in Nigeria, if not the most peaceful, and it is important that we continue to protect and sustain that standing.”

He emphasized that maintaining the state’s peaceful reputation requires consistent vigilance and proactive engagement with security leaders.

Authorities explained that periodic sessions with security chiefs are essential to preventing threats from escalating, particularly at a time when insecurity is worsening in other regions of Nigeria.

The governor reiterated the need for early action, stating, “To maintain this position, we must stay proactive, strengthen our preparedness, and put in place the right measures to mitigate anything that could threaten our peace and stability.” He added that “This is not the first meeting of its kind, but it is a particularly important one, which is why we convened it today.”

Abiodun said the discussions form part of a broader effort to ensure that Ogun State remains safe for all residents. “These formed part of our remarks as we engaged with the service chiefs this morning, reaffirming our shared commitment to keeping Ogun State safe, peaceful, and secure for all,” he added.

The meeting was held against the backdrop of increasing attacks by suspected terrorists and bandits across the country.

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BIG STORY

JUST IN: South-West Governors Converge In Ibadan For Emergency Security Meeting

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Governors in the South-West region have gathered in Ibadan, the Oyo State capital, for an emergency meeting on the security situation affecting states in the zone.

Those in attendance include Governor Babajide Sanwo-Olu of Lagos State, Governor Biodun Oyebanji of Ekiti State, Governor Dapo Abiodun of Ogun State, Governor Lucky Aiyedatiwa of Ondo State, and the Deputy Governor of Osun State. They convened at the Ogun State Governor’s Office located in Agodi, Ibadan.

Although the exact reason for calling the emergency session has not been officially disclosed, the meeting is believed to be linked to rising security concerns across the country.

According to sources, the governors are expected to review prevailing security threats, consider measures to accelerate infrastructural development, and explore strategies to strengthen regional integration under the Development Agenda for Western Nigeria (DAWN).

The meeting will also involve an assessment of existing joint security operations, including ongoing activities of the Amotekun Corps, with emphasis on improving its operational capacity in response to emerging challenges.

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JUST IN: Atiku Abubakar Declares ADC Membership

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Former Vice President Atiku Abubakar has formally joined the African Democratic Congress (ADC).

Atiku made the announcement on Monday through his X account, where he posted a photograph showing his ADC membership card and added the caption, “It’s official.”

His move to the ADC follows his departure from the Peoples Democratic Party (PDP) in July.

 

More to come…

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