Keyamo: $500M for Lagos Airport from Subsidy Removal

Festus Keyamo, the Minister of Aviation and Aerospace Development, stated that the removal of the fuel subsidy has enabled President Bola Tinubu’s administration to secure approximately $500 million for the reconstruction of the Lagos airport and other aviation infrastructure over two years. Speaking at the 67th anniversary of Aero Contractors Airline in Lagos, Keyamo emphasized that these funds were not obtained through borrowing but rather through improvements in Nigeria's liquidity and foreign reserves, which increased from $3 billion to $56 billion.

He argued that macroeconomic stability is essential for attracting foreign investment, which is necessary for job creation and infrastructure development. Keyamo criticized those who question the relevance of foreign reserves amidst economic hardship, asserting that a healthy economy is crucial for attracting investors.

He contended that sustainable job creation is linked to investment and infrastructure, rather than mere government declarations.