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The Nigerian government has stated that it does not plan to borrow from any local or foreign organizations following the removal of subsidies on petrol and exchange rate harmonization. Finance Minister Olawale Edun announced that the funds saved from the subsidy removal would be reinvested in various sectors to boost government revenue and improve the business environment for investment. Nigeria, Africa’s largest economy, has been struggling with double-digit inflation and a high debt burden exacerbated by low oil prices and the COVID-19 pandemic. President Bola Tinubu aims to expand the economy by at least 6% annually and create jobs, but critics argue that the reforms have increased the cost of living for average Nigerians.

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