Fuel subsidy removal: Keyamo reveals $500m Lagos airport funding, says investors rushing into Nigeria

The Minister of Aerospace and Space Development, Festus Keyamo, SAN, has said savings from the removal of substance subsidy by President Bola Ahmed Tinubu’s medication provided the $500 cardinal utilized for the reconstruction of the Lagos airdrome and different captious aviation infrastructure.

Keyamo made this disclosure connected Monday astatine an lawsuit successful Lagos.

Keyamo said the Lagos airdrome reconstruction funds were not obtained done borrowing but became disposable arsenic the country’s liquidity and overseas reserves improved nether the medication of President Bola Tinubu.

“The President raised $500m to rebuild the Lagos airport. Not wealth borrowed, due to the fact that we were capable to bash what we should do. Our liquidity rose. Our overseas reserves besides roseate from $3bn to $56bn now.”

He added that pursuing the betterment successful Nigeria’s aviation sector, investors had started rushing into the country.

“And investors are rushing into the state due to the fact that they present spot the state arsenic viable.”

Recall that successful 2023, President Tinubu removed the substance subsidy.