FG Denies Petrol Subsidy Removal Suspension

The Federal Government has denied the suspension of the removal of petrol subsidy that was stipulated to happen before the new administration takes over.

The reaction is against the backdrop of some media reports that Zainab Ahmed, Minister of Finance, Budget and National Planning, Thursday said that the Federal government has suspended the removal of fuel subsidy which was supposed to take effect from June, 2023.

This is contained in a statement by the Federal Ministry of Finance, Budget and National Planning, and can be seen on its official Twitter account.

The statement revealed that the National Economic Council rather set up a subsidy removal committee that includes teams from the incoming administration, the state governors.

It stated that although NEC insisted that the fuel subsidy must be removed as it is not sustainable, it however pointed out that there is need for further consultations, especially the need to involve members of the incoming administration.

The Tweet

“Fuel Subsidy Removal Not Suspended As Government On Course”- Removal Committee: Against the backdrop of the story in some media that @NigeriaGov has suspended the removal of petrol subsidy, the government has said that it has not suspended the removal as stated by HM @ZShamsuna

The subsidy removal committee is rather to include teams from the incoming administration, the State Governors. HM, @ZShamsuna, stated this in Abuja on Thursday, shortly after the National Economic Council (NEC) meeting, chaired by the Vice President @ProfOsinbajo.

HM @ZShamsuna said that NEC deliberated on Fuel Subsidy extensively and came to the conclusion that it must be removed as it is not sustainable, but there is a need for further consultations, especially the need to involve members of the incoming administration.

“No change in the overall policy direction regarding the petrol subsidy is envisaged by June 2023. 2023 Fiscal Framework and Appropriation Act as well as the Petroleum Industry Act (PIA) have made the provision that government should exit fuel subsidy by June 2023.”- @ZShamsuna