Festus Keyamo Says Subsidy Removal Helped Fund 500 Million Dollars Lagos Airport Reconstruction
According to a report by Punch Newspaper on Monday October 5, 2026, Aviation Minister Festus Keyamo says the removal of the fuel subsidy helped the Federal Government raise about $500m for the reconstruction of Lagos airport and other aviation infrastructure.
Keyamo made the remarks on Monday at an event in Lagos marking the 67th anniversary of Aero Contractors Airline.
He was responding to a question from the airline’s managing director about the state of the aviation industry under President Bola Tinubu’s Renewed Hope Agenda.
The minister said the funds for major aviation projects were not obtained through borrowing, but were made possible by improved liquidity and growth in the country’s foreign reserves.
“Let’s be honest. Forget about what the politicians are saying. You know, we are all politicians. But I am saying, in actual fact, that is what happened.
“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.
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