Savings and improved financial liquidity driven by the removal of the petrol subsidy enabled the Federal Government to mobilize about $500 million for the reconstruction of the Lagos airport and other vital aviation infrastructure without resorting to external borrowing.
The Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this in Lagos while speaking at the 67th anniversary of Aero Contractors Airline.
Responding to inquiries about the state of the aviation industry under President Bola Tinubu’s Renewed Hope Agenda, the minister explained that the substantial funds became available as the country’s macroeconomic fundamentals strengthened, citing a surge in foreign reserves from $3 billion to $56 billion alongside rising investor confidence.
While acknowledging ongoing criticisms surrounding the economic hardship, rising transportation costs, and food inflation triggered by the petrol subsidy removal, Keyamo defended the administration’s policy trajectory.
He dismissed criticisms regarding the growth of foreign reserves as cheap sentiment, arguing that a robust and healthy economy is an essential prerequisite for attracting foreign investment.
The Minister further emphasized that sustainable employment cannot be generated through mere government pronouncements, asserting that jobs are naturally created through capital investments and heavy infrastructure development.
He maintained that the federal government has successfully laid the groundwork to attract private investors, build essential infrastructure, and expand employment opportunities across the country.