Finance Minister Wale Edun Faces Senate Scrutiny Over Subsidy Proceeds, Debt Servicing

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, faced tough questions at the Senate on Thursday regarding savings and expenditures since the removal of fuel subsidy in mid-2023.

Appearing before the Senate to defend the proposed 2025 budget, Edun was also pressed on the government’s spending on debt servicing. However, the minister, seemingly unprepared for such inquiries, requested a closed-door session to address the issues.

The tension heightened when Senator Abdul Ningi (PDP, Bauchi Central) demanded details about the 2024 budget’s performance, particularly capital expenditure.

Ningi asked, “How much has been saved from the removal of the fuel subsidy?”  “How much has been expended so far?” “How much has been used for debt servicing in 2024, and what is expected for 2025?” “Can the extension of the 2024 budget’s capital component to June 30, 2025, ensure better implementation?”

Uncomfortable with answering these questions publicly, Edun requested a private session with senators to provide detailed explanations.