Downstream sector: Senate to end subsidy payment

Downstream sector: Senate to end subsidy payment

- The Senate is set to put an end to the claims and counter-claims on the fuel subsidy by oil marketers

- This decision follows the report presentation on the downstream sector to the upper chamber

- Last year, N348 billion had been approved by the Senate as outstanding subsidy claims to 74 oil marketers

The Senate is set to stop the subsidy payment to oil marketers in the country following the report on the committee on Downstream Petroleum sector that was presented on Wednesday, May 8.

The report whose aim was to end the payment on subsidy to oil marketers was presented by Senator Kabiru Marafa (APC Zamfara Central), Leadership reports.

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It was gathered that the 19 oil marketers are still being owed outstanding money, as some senators believed the committee’s report will end the era of subsidy payment.

Recall that in July last year, the Senate had approved the payment of N348 billion as outstanding subsidy claims to 74 oil marketers.

Meanwhile, Legit.ng earlier reported that BudgIT, a civic organization that applies technology to intersect citizen engagement with institutional improvement, to facilitate societal change, urged President Muhammadu Buhari to remove fuel subsidy.

The organisation said continued payment of fuel subsidy is to the detriment of Nigeria's development as the country has spent nothing less than N10 trillion on petrol import subsidy between 2006 and 2018.

Legit.ng also gathered that the federal government again clarified its stance on the removal of fuel subsidy, saying it had no plan to do so in the immediate future.

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The minister of finance, Zainab Ahmed, spoke in reaction to IMF’s advice to federal government to remove fuel subsidy, which might have led to panic buying in the country.

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What will Nigerians do if fuel price is raised to N180? - on Legit TV

Source: Legit

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