HighlightTop Story

Updated: After securing $800m World Bank grant, FG suspends removal of fuel subsidy scheduled for June

405

The Federal Government says it is discontinuing with the plans to remove petrol subsidy by June 2023 as earlier scheduled just as it secured $800m World Bank grant for palliatives.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed made this known to State House correspondents after the National Economic Council meeting on Thursday.

Persecondnews reports that the valedictory National Economic Council (NEC) meeting was presided over by Vice-President Yemi Osibanjo (SAN) at the Council Chambers of the Presidential Villa.

Ahmed said after deliberations the Council agreed that the timing of the subsidy removal is wrong.

She also stressed that the consultations with necessary stakeholders and also with the incoming administration would continue “with all of the preparatory works that need to be done”.

“Council agreed that the timing of the removal of fuel subsidy should not be now.

“But that we should continue with all of the preparatory works that need to be done and that this preparatory works has to be done in consultation with the states and other key stakeholders including representatives of the incoming administration.

“Council agreed that the fuel subsidy must be removed ‘earlier rather than later’ because it is 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.

“So, this will require looking at alternatives to the fuel subsidy that needs to be planned for and subsequently put in place.

“But also, what needs to be done to support the people that will be most affected as a result of the removal.

“We have a plan that we will start working on, putting the building blocks towards the eventual removal of the first subsidy.

“And if I may remind this forum that the budget for 2023 has a provision for fuel subsidy only up to June 2023 and also the Petroleum Industry Act has a provision that requires that all petroleum products must be deregulated 18 months after the effective date of the PMS removal and that that period is also up to June 2020,” Persecondnews quotes Zainab as saying.

The Buhari government had secured N300 billion ($800m) from World Bank to provide palliatives for Nigerians to cushion the negative effects of the planned removal of subsidy by June 2023.

The grant which was secured through the National Social Investment Programme is meant for the most vulnerable Nigerians totaling about 10 million households and equivalent to about 50 million Nigerians.

Leave a comment

Related Articles

NSC DG Olopade Congratulates Kida, New NNPCL Board Chair, Hopes for Better Synergy

The Director General of the National Sports Commission (NSC), Bukola Olopade, has...

Saka Makes Triumphant Return Winning Goal as Arsenal Defeat Fulham 2-1

By Samuel Akpan with agency report Arsenal’s Bukayo Saka made a triumphant...

Shake Up in NNPCL, Board, Group CEO Replaced

President Bola Tinubu has made significant changes to the Nigerian National Petroleum...

Nigeria’s Net Foreign Exchange Reserves Hit $23.11bln in 2024, Highest in Three Years

Nigeria’s net foreign exchange (FX) reserves reached a three-year high of $23.11...

Nigeria to Enforce “Drill or Drop” Policy to Boost Oil Production – Lokpobiri

The Federal Government has announced plans to enforce the “drill or drop”...

FCT Police warn against unauthorized hiking, camping

The Federal Capital Territory (FCT) Police Command has issued a stern warning...

Breaking: Despite Security Concerns, Sen. Akpoti-Uduaghan Receives Heroic Welcome in Kogi

Kogi Central Senator Natasha Akpoti-Uduaghan has arrived in her constituency, defying attempts...

Disputed Edo guber poll: Abuja Tribunal delivers judgment in PDP’s petition on April 2

The Edo Governorship Election Petition Tribunal is set to deliver its judgment...

Just in: Police caution suspended Sen. Akpoti-Uduaghan against homecoming amid tension in her constituency

As suspended Sen. Natasha Akpoti-Uduaghan gears up for a highly anticipated return...

MicCom CEO, Adubi, establishes partnerships with OAU, UI

“The collaboration saw MicCom introduce a range of initiatives, including research grants...

Ancelotti Backs Mbappe to Become Real Madrid Legend Like Ronaldo

Real Madrid coach Carlo Ancelotti has tipped superstar striker Kylian Mbappe to...

Tinubu Extends Tenure of Immigration Boss Kemi Nandap Until 2026

President Bola Tinubu has approved the extension of Mrs. Kemi Nandap’s tenure...

Rivers Chief of Staff Alleges N5bln Bribe Offer to Facilitate Fubara’s Impeachment

Edison Ehie, the Chief of Staff to the suspended Rivers Governor, Siminalayi...

$4.5m money laundering:Three US-based Nigerians face up to 60 years in prison

Three US-based Nigerian nationals – Olumide Olorunfunmi, Samson Amos, and Emmanuel Unuigbe...

Tinubu appoints Dr. Oloriegbe as Chair, National Health Insurance Authority

President Bola Tinubu has appointed Dr. Ibrahim Oloriegbe as the Chairman of...

Edo Lawmaker Natasha Osawaru Updates Instagram Profile, Includes Idibia’s Surname Amid Romance Reports

In a public display of her commitment, Edo State lawmaker Natasha Osawaru...

Rashford’s Resurgence Leads Villa to FA Cup Semis for First Time in 10 Years

Aston Villa’s resurgence under Unai Emery continued on Sunday as Marcus Rashford’s...

Nigeria Ready to Host African Women Volleyball Club Championship, Says Customs GC Adeniyi

The Comptroller General of the Nigeria Customs Service, Mr. Adewale Adeniyi, has...

Lagos-Italy-based businessmen nabbed over illicit drug shipments to Europe, Nigeria

The National Drug Law Enforcement Agency (NDLEA) has made another bust in...

“Refuse to vote and go to jail” bill: Oppressive, repressive, should be withdrawn – SERAP

Peeved by the provisions of a bill to jail any Nigerian of...