Zainab Ahmed
Top Story

Just in: Again FG recants, suspends fuel subsidy removal

250

The Federal Government has again backtracked on the removal of petrol subsidy and has suspended it for now.

A decision to this effect was announced on Thursday by the National Economic Council (NEC) held in Abuja.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this while briefing newsmen after the NEC meeting held at the State House, Abuja.

“The Council agreed that the timing of the removal of fuel subsidy should not be now, but that government should continue with all of the preparatory works that needed to be done.

“It was agreed that these preparatory works had to be done in consultation with the states and other key stakeholders, including representatives of the incoming administration,” Ahmed said.

According to her, the Council agreed that the fuel subsidy must be removed earlier rather than later because it was not sustainable.

“We cannot afford it anymore. But we have to do it in such a way that the impact of the subsidy is as much as possible, mitigated on the lives of ordinary Nigerians.”

Ahmed said this would require looking at alternatives to the fuel subsidy that needed to be planned for and subsequently put in place and also also what needed to be done to support the people that would be most affected as a result of the removal.

She said the Federal Government had a plan that it would start working on by putting the “building blocks towards the eventual removal of the first subsidy.”

“The budget for 2023 had a provision for fuel subsidy only up to June 2023 and that the Petroleum Industry Act had a provision that required that all petroleum products must be deregulated 18 months after the effective date of the PMS removal and that the period was also up to June 2023,” the minister explained.

Leave a comment

Related Articles

Just in: Senate confirms Omolola Oloworaran as DG PENCOM

The Senate on Thursday confirmed the nomination of Omolola Oloworaran for appointment...

Just in: Senate approves Tinubu’s $2.2 bln loan request

The Senate on Thursday approved President Bola Tinubu’s loan request of $2.2...

Just in: Reps reject bill for six-year single tenure for president, governors

The House of Representatives rejected a constitutional amendment bill on Thursday seeking...

Just in: Simon Ekpa, four others arrested in Finland over terror-related activities

Finnish-Nigerian separatist agitator, Simon Ekpa, and four others have been arrested in...

Just in: FG sacks Nnamdi Azikiwe University VC

The Vice-Chancellor of Nnamdi Azikiwe University, Awka, Anambra State, Prof. Bernard Odoh,...

Senate raises alarm over fresh terrorists’ invasion from Mali, Burkina Faso, urges FG’s action 

Upset by the invasion of terrorists known as Lakurawa into Northern Nigeria...

Boko Haram/ISWAP terrorists’ ambush: Defence HQ confirms killing of 5 soldiers in Borno

The Defence Headquarters has confirmed that Boko Haram/ISWAP terrorists ambushed troops conducting...

Tinubu writes NASS for approval of $2.2bln fresh external loan

President Bola Tinubu has written to the National Assembly, seeking the approval...

NNPC Ltd’s spokesman, Soneye, explains delay in Port Harcourt Refinery rehabilitation, assures of imminent completion

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has acknowledged the challenges...

AFCON Qualifier: Nigeria’s Super Eagles Suffer Shocking 2-1 Loss to Rwanda

Nigeria’s Super Eagles concluded their Africa Cup of Nations Group D qualifiers...

Tax reform bills: Nigeria struggling with tax-to-GDP ratio below World Bank’s 15 % benchmark – Speaker Abbas

Mr. Tajudeen Abbas, the Speaker of the House of Representatives, has expressed...

Just in: Again, Anambra sit-at-home claims four vigilance operatives, motorcyclist

Gunmen enforcing Monday’s sit-at-home order in Anambra State launched a deadly attack,...

Tinubu departs Abuja for G20 leaders’ summit in Brazil

President Bola Tinubu will depart Abuja for Rio de Janeiro, Brazil, on...

Breaking: APC’s Aiyedatiwa in landslide victory, wins all 18 LGAs in Ondo guber poll

The All Progressives Congress Candidate, Gov. Lucky Aiyedatiwa, has swept the 2024...

Ondo guber poll: Aiyedatiwa votes, says exercise peaceful, PDP raises alarm over thugs invasion

As the Ondo State governorship election kicks off on Saturday, Gov. Lucky...

Late COAS Lagbaja buried in Abuja amid tears, tributes

Amid tears and tributes, the body of the late Chief of Army...

Tinubu appoints Daniel Bwala, Atiku’s ex-spokesman as Special Adviser on Media, three DGs

President Bola Tinubu has appointed Daniel Bwala, the Special Adviser on Media...

Just in: Body of late COAS Lagbaja arrives in Abuja ahead of Friday burial

The body of the late Chief of Army Staff, Lt.-Gen. Taoreed Lagbaja,...

Tinubu Presides Over Crucial FEC Meeting to Unveil 2025 Budget Plans

The much-anticipated meeting of the Federal Executive Council (FEC) is underway with...

Breaking: NNPC Ltd. achieves milestone oil production of 1.8 mbpd

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a significant...