Fuel subsidy removal: Keyamo reveals $500m Lagos airport funding, says investors rushing into Nigeria
The Minister of Aerospace and Space Development, Festus Keyamo, SAN, has said savings from the removal of fuel subsidy by President Bola Ahmed Tinubu’s administration provided the $500 million used for the reconstruction of the Lagos airport and other critical aviation infrastructure.
Keyamo made this disclosure on Monday at an event in Lagos.
Keyamo said the Lagos airport reconstruction funds were not obtained through borrowing but became available as the country’s liquidity and foreign reserves improved under the administration of President Bola Tinubu.
“The President raised $500m to rebuild the Lagos airport. Not money borrowed, because we were able to do what we should do. Our liquidity rose. Our foreign reserves also rose from $3bn to $56bn now.”
He added that following the improvement in Nigeria’s aviation sector, investors had started rushing into the country.
“And investors are rushing into the country because they now see the country as viable.”
Recall that in 2023, President Tinubu removed the fuel subsidy.
In August 2026, the Minister of Finance, Taiwo Oyedele, said the Federal Government had approximately N20.4 trillion in incremental resources during the period of fuel subsidy removal, while N30.64 trillion was spent.