Cardoso: Subsidy removal rebalanced public finances | Targeted incentives attracted $8bn energy investments
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the removal of petrol subsidy and expenditure rationalisation have helped to rebalance public finances and create fiscal space for productive investment.
Cardoso spoke on Friday during a press briefing on the sidelines of the annual meetings of the International Monetary Fund (IMF)/World Bank in Washington DC, the United States (US).
Speaking on the reforms, Cardoso said they have created room in the fiscal framework for more productive investments.
“The removal of fuel subsidies and expenditure rationalisation have helped to rebalance public finances and create fiscal space for productive investment,” he said.
“Bold reforms undertaken over the last two years have set a foundation for Nigeria to pursue the next phase of its economic agenda, driving inclusive growth and job creation to alleviate poverty.
“Critical initiatives are underway around infrastructure and human capital development, creating opportunities for the deployment of private sector capital in this journey.
