FG SHELVES PLANNED FUEL SUBSIDY REMOVAL

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Minister of Finance, Zainab Ahmed announces 2021-2025 National Development Plan
Minister of Finance, Zainab Ahmed announces 2021-2025 National Development Plan

The Federal Government, through the Minister of Finance, Budget and National Planning, Zainab Ahmed, has suspended the planned petrol subsidy removal for 2022

The minister stated that the FG rescinded its decision to remove fuel subsidy because of the difficulties it will impose on the citizenry in the face of heightened inflation. She also noted that the provision for subsidy payment in the 2022 budget will cease effective from july.

“We are proposing an 18-month extension but what the National Assembly is going to approve is up to them,” the Minister of State for Petroleum Resources, Timipre Sylva said. “We would approve an 18-month extension and then it is up to the National Assembly to look at it and pass the amendment as they see it.

“With assent by the President on August 16, 2021, the PMS subsidy removal was therefore expected to take place effective February 16, 2022. However, following extensive consultations with all key stakeholders within and outside the government, it has been agreed that the implementation period for the removal of the subsidy should be extended.

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