Festus Keyamo, Minister of Aerospace and Space Development, has disclosed that savings from fuel subsidy removal provided $500 million for the reconstruction of an airport and other aviation infrastructure. This funding was made possible by improved liquidity and foreign reserves under President Bola Ahmed Tinubu's administration. The reconstruction funds were not obtained through borrowing.

The country's foreign reserves have risen significantly, from $3bn to $56bn. Keyamo attributed this increase to the administration's actions, allowing for the allocation of $500 million to the airport project without needing to borrow.

Further details on the reconstruction project and its progress are available from the source.