The benefit of the subsidy removal will be ploughed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment, News Agency of Nigeria reported, citing Minister of Finance and Coordinating Minister of the Economy Wale Edun.

On the other hand, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said investment offers were already coming up in different sectors of the economy, including oil and gas, health, solid minerals and agriculture.

She said that her ministry would collaborate with relevant government departments to achieve President Bola Tinubu’s commitment to creating jobs for the youth.

Meanwhile, the Minister of Health, Ali Pate, added that critical sections of the health value chain will be exploited to improve the economy.

He said the president had directed them to be “courageous and innovative” in making decisions that would benefit the country.