Deputy Speaker of the House of Representatives, Benjamin Kalu, has highlighted the significant economic impact of President Bola Ahmed Tinubu’s decision to remove the subsidy on Premium Motor Spirit (PMS), commonly known as petrol, saving Nigeria approximately $10 billion in 2023.
Speaking at a meeting with investors and scholars at Oxford University in London, Kalu noted that the Tinubu administration’s economic reforms have also attracted $6.4 billion in Foreign Direct Investment (FDI) in 2024.
A statement by Chief Press Secretary Levinus Nwabughiogu quoted Kalu as saying the government’s policies had driven a 22% rise in diaspora remittances, reaching $28 billion in 2024.
Kalu, who leads the House delegation to the UK-Nigeria Parliamentary Strategic Dialogue, discussed progress in politics, security, economy, and development. The delegation includes lawmakers Chris Nkwonta, Ginger Onwusibe, and Ibe Okwara.
Other attendees included Oxford University fellows and scholars such as Dr. Christopher Nwadiba and Dr. Dyedra Morrissey.
Kalu explained that subsidy removal allowed the government to redirect resources to critical sectors like healthcare, education, and infrastructure. He pointed out a 3.19% GDP growth in Q2 2024 as evidence of these efforts.
The Deputy Speaker highlighted legislative achievements such as the passage of the South East and North West Development Commission Acts, alongside technology-driven electoral reforms that have strengthened democratic institutions and boosted youth political engagement.
On security, Kalu reported a 47% drop in banditry incidents in the North-West between Q2 2023 and Q4 2024. Collaboration between Nigeria’s Armed Forces and regional counterparts has led to the capture of over 1,500 insurgents in the Lake Chad Basin.
Kalu also discussed technological advancement initiatives, including the National Digital Economy Policy (2023-2030), aimed at increasing internet penetration from 49% to 70% by 2027, and the Nigeria Start-Up Act, which secured £300 million in venture capital funding in 2024.
Urging investors to consider Nigeria as their next business destination, Kalu called for international collaboration to drive further socio-economic development.
