The dates for the removal of fuel subsidy in Nigeria has been revealed by the Federal Government of Nigeria.
As a matter of fact this development was made possible by the Minister of Finance, Budget and National Planning; Zainab Ahmed at the ongoing 27th National Economic Summit (NES), during a panel discussion.
As reported by by RIPPLES NIGERIA; Zainab Ahmed complained about the increasing pressure on Nigeria’s revenue because of the daily fuel subsidy payments.
The report states: “In our 2022 budget, we only factored in subsidy for the first half of the year; the second half of the year, we are looking at complete deregulation of the sector;saving foreign exchange and potentially earning more from the oil and gas industry.
“We are very uncomfortable at the fact that we have borrowed at the quantum exceeding the threshold that is outlined by the Fiscal Responsibility Act; and must plug all holes to save what we have.” Jamb Result
Also speaking, the World Bank Country Director for Nigeria Shubham Chaudhuri, said; “I think the urgency of doing something now is because the time is going in terms of retaining the hope of young Nigerians in the future and potential of Nigeria.
“The kinds of things that could be done right away – the petrol subsidy; yes, I hear that six months from now; perhaps with the PIA(Petroleum Industry Act) coming into effect, this will go away. “But the fact is can Nigeria even afford to wait for those six months? And there is a choice: N3tn to PMS subsidy which is depriving states of much-needed revenues to invest in basic services.”