You don’t say: Osinbajo reveals that Nigeria has saved N1.4trn from subsidy 


 The Vice President, Prof. Yemi Osinbajo SAN, has disclosed that the federal government saved N1.4 trn for not paying fuel subsidy, adding that the deregulation of the downstream petroleum sector has led to the availability of petrol across the country.
Osinbajo, who made this known in Kano during the third day of the 15th Joint Planning Board and National Council on development meeting on Thursday, enjoined Nigerians not to lose faith in the Buhari administration, assuring that the president would fix the economy.
He said, “With the deregulation of the downstream petroleum sector, there has been a significant increase in the availability of petrol throughout the country for the savings of N1.4 trillion on subsidy payments alone.
“Also, a more flexible exchange rate regime, we will have to decrease the pressure on the external reserve. In the short run, of course, there should be consequences for inflation.
“We expect that with greater priority we have seen in the implementation of the policy by the CBN, the foreign exchange market will stabilize and confidence will be restored.”
Speaking on what the Buhari-led administration has been doing towards strengthening Nigeria’s economic planning, the Vice President said: “We have strengthened the link between budgeting and strategic planning by merging the National Planning Commission with the Budget office of the federation.
“We have adopted zero base budgeting, which compels the interrogation of public expenditure at micro levels and allows effective deployment of limited financial resources to areas and sectors with the greatest need.
“We have used the short-term strategic implementation plan to guide the 2016 budget; and just yesterday (Wednesday), the Federal Executive Council approved the medium plan expenditure framework and the fiscal strategy paper, which are fully consistent with the SDGs and the African Union’s agenda 2063.
“These are the priorities of the Federal Government in the areas of tackling insecurity, combating corruption and growing the economy which would undoubtedly find expression in any medium term plan.
“The same is true for the policy interventions in the strategic implementation plan, notably, with regard to the policy, security and governance, diversification of the economy, power, rail and roads, oil and gas performance, ease of doing business, and social investment.
“The commitment of the Buhari administration to promote broader micro economics and structural reform; and this is made in our push to mitigate supply-side constraint.”


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