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Federal Govt Reveals Date For Fuel Subsidy Removal

Federal Govt Reveals Date For Fuel Subsidy Removal

The Federal Government of Nigeria has revealed the dates for fuel subsidy removal in Nigeria.

This was revealed by the Minister of Finance, Budget, and National Planning, Zainab Ahmed during a panel discussion at the ongoing 27th National Economic Summit (NES). Information Guide Nigeria

According to RIPPLES NIGERIA, Zainab Ahmed lamented on the increasing pressure on Nigeria’s revenue due to daily fuel subsidy payments.

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RIPPLES NIGERIA reports that the Minister said, “In our 2022 budget, we only factored in subsidy for the first half of the year; the second half of the year, we are looking at complete deregulation of the sector, saving foreign exchange and potentially earning more from the oil and gas industry.

“We are very uncomfortable at the fact that we have borrowed at the quantum exceeding the threshold that is outlined by the Fiscal Responsibility Act, and must plug all holes to save what we have.” Jamb Result

Also speaking, Shubham Chaudhuri,  World Bank Country Director for Nigeria said, “I think the urgency of doing something now is because the time is going in terms of retaining the hope of young Nigerians in the future and potential of Nigeria.

“The kinds of things that could be done right away – the petrol subsidy; yes, I hear that six months from now, perhaps with the PIA(Petroleum Industry Act) coming into effect, this will go away.

“But the fact is can Nigeria even afford to wait for those six months? And there is a choice: N3tn to PMS subsidy which is depriving states of much-needed revenues to invest in basic services.”

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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