The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has reiterated that the removal of fuel subsidy was a necessary step to reset Nigeria's economy, despite the short-term increase in poverty and hardship experienced by many citizens.

Speaking at a National Orientation Agency, NOA, event, Oyedele said the questions were valid and explained that the combined cost of fuel and foreign exchange subsidies was about five per cent of the country's Gross Domestic Product.

Listen: Minister Oyedele on fuel subsidy removal

Addressing concerns over the use of subsidy savings, the Finance Minister said the reforms were introduced to place the country on a sustainable path and end what he described as fiscal distortions.