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.”
