FG Gives Hint on Moves to Gradually Remove Petrol Subsidy, Gives Fresh Date

FG Gives Hint on Moves to Gradually Remove Petrol Subsidy, Gives Fresh Date

  • The gradual removal of fuel subsidy will commence in April 2023, the minister of Finance, Budget and Planning has said
  • Zainab Ahmed said there has been a delay in the removal of the petrol subsidy because of the negative impact of the COVID-19 pandemic and inflation on Nigerians
  • The minister also noted that President Muhammadu Buhari doesn't want to burden citizens with more hardship by removing the fuel subsidy at once

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The Federal Government on Tuesday, January 17, announced that it may begin a gradual removal of fuel subsidy from April 2023.

The Cable reports that the minister of Finance, Budget, and Planning, Zainab Ahmed, while speaking on Arise Television on the sidelines of the World Economic Forum in Davos, Switzerland, said it is important that Nigeria exits the petrol subsidy regime.

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Fuel subsidy, petrol in Nigeria, Federal Government of Nigeria, Zainab Ahmed, minister of finance
The minister of finance has said that FG will remove the fuel subsidy in April. Photo: Zainab Ahmed
Source: Facebook

Ahmed, while making the disclosure after an 18-month extension of the removal of the fuel subsidy, said the revenue would go into government coffers.

According to the minister, the Nigerian government is billed to spend a total of N3.35 trillion on fuel subsidy between January to June 2023.

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Her words:

“Where there is not enough revenue for government to buy the refined petroleum products, we have had to borrow to buy the petroleum products. So, if we take that out, that is about N3.25 trillion.
"That is a significant relief, that we do not incur any more than that number that we projected for in 2023."

President would not take decisions that will affect Nigerians negatively

The Punch reports that Ahmed, while speaking further on the delay in removing the fuel subsidy, said the lingering impact of the COVID-19 pandemic, and the unavoidable inflation that will follow suit, has prevented the FG from taking the needed steps.

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According to the minister, such a move would increase the burden on the citizens if not well managed.

She added:

“The president does not want to contemplate a situation where measures are taken that are further going to burden the citizens. So, the decision was to extend the period from June 2022 (sic) to 18 months, beginning from January 2022.
“So, in June 2023, we should be able to exit. The good thing is, we hear a consistent message that everybody is saying this thing needs to go. It is not serving the majority of Nigerians."

Buhari assures Nigeria's of unfettered support for Burundi on fuel shortage, amid prolonged scarcity in Nigeria

The people of the Republic of Burundi will be enjoying unfettered support from the Nigerian government as fuel shortage takes a toll on them.

This was disclosed by President Muhammadu Buhari when he received the Special Envoy of President Evariste Ndayishimiye of Burundi.

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Buhari assured the president that because he understands the challenges of fuel scarcity, he will ensure that the NNPC looks into Burundi's case.

Confusion in Oyo as yet-to-be-identified man dies in his car while in fuel queue

A man died in his car while waiting in a queue to buy fuel in the Oluyole local government area of Oyo State.

It was gathered that the yet-to-be-identified man had rested his head on the steering wheel of his car at the fuel station.

Other customers did not know he had given up the ghost until those parked behind him started to use their car horns to try to alert him.

Source: Legit.ng

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