The Deputy Speaker of the House of Representatives,Mr Benjamin Kalu,has said that removal of fuel subsidy by the Federal Government has led to a 22% increase in dollar remittances from the Diaspora,totalling $28 billion in 2024.
The Federal Government also saved as much as $10bn in 2023,he said.
He stated these during a meeting with some investors and a group of scholars at Oxford University in London on the sideline of his ongoing UK-Nigeria Parliamentary Strategic Dialogue working visit to the United Kingdom.
On the delegation with the Deputy Speaker are his colleagues at the House, including Chris Nkwonta, Ginger Onwusibe and Ibe Okwara.
A statement issued by his Chief Press Secretary, Levinus Nwabughiogu on Friday,said Kalu spoke on the areas of politics, security, economy and development with the team led by Peter Claus, a Professor of History and Access Fellow at the Pembroke College, University of Oxford.
The Deputy Speaker noted that the removal of subsidy has enabled the Federal Government to redirect funds to critical sectors such as healthcare, education, and infrastructure.
He also disclosed that synergy between the Nigerian armed forces and regional counterparts has resulted in the capture of over 1,500 insurgents in the Lake Chad Basin.
In the development sector, the Deputy Speaker said the government has launched various initiatives to promote technological advancement and innovation.
The statement quoted Kalu as saying, “The removal of the fuel subsidy saved the government $10 billion in 2023, redirecting funds to healthcare, education, and infrastructure while dollar remittances from the Diaspora have increased by as much as 22 per cent, totalling $28bn.”
Drumming support for Nigeria’s parliament, Kalu praised Speaker Tajudeen Abbas for his leadership focus in rural communities.
He said:”The fulcrum of our democracy is the legislature. If you support the legislature, you’re supporting democracy. What the current administration has done is to support this arm of government full well to make sure that our representation in our various constituencies is visible.
“The visibility of our legislative interventions is more in our rural areas. The President’s administration’s objective will be made visible because our legislative agenda is in sync with his objectives.
“He has identified that development commissions should be a structure for pushing down the dividends of democracy to the grassroots and has started with what we call development commissions.”
He also emphasised his role in moves aimed at addressing the age-long crisis in the South-East geo-political zone.
“I sponsored the South-East Development Commission and why I moved that bill is because, my zone, your zone, your heritage passed through war. About three million people lost their lives. That healing that’s supposed to take place didn’t take place. The 3Rs promise made then was not kept and that gave birth to agitation, conflict, and insecurity in that area. I said no, it’s about time we changed the dynamics and the narratives.
“The President understood the agitation in the hearts of the people in the region because they felt alienated and marginalised. He opened his eyes to the need for more development in the area and he assented to that bill to become law. So, today we have the SEDC Act and he has gone ahead to fund it in the 2025 budget for the reconstruction of the area.
“It was a private member bill that originated from the parliament and he assented to it. That shows you a President that is willing to listen, a people-oriented President running the government of the people, by the people, for the people.”
Speaking at the parley, a Zimbabwean investor, Nwirivu Rupara at the parley, urged African leaders to champion initiatives to improve intra-African trade, describing the current statistics for trade among African countries as poor.
Similarly, a Fellow at Oxford University, Dr Christopher Nwadibia expressed a keen affiliation with Nigeria having been born to a Nigerian father.