Nigerian Government Chickens Out of Fuel Subsidy Removal

The Federal Government of Nigeria under President Muhammadu Buhari has backed down from it’s earlier position to withdraw fuel subsidy in June.

This was made known by the Minister of Finance Hajia Zainab Ahmed in a parley with the principal officers of the national assembly.

The minister stated that the government had intended to remove the subsidy later this year and then make budgetary provisions to cushion the effect it would have on Nigerians but had decided against pressing ahead, owing to the timing.

“Let me start by stating that we did make a provision in 2022 budget and which means that there will be fuel subsidy from July.

“After consultations with various stakeholders, it became apparent that the timing became a big problem and Mr President didn’t want that. We are looking at various means either putting our four refineries in order and allowing Dangote Refinery to come on stream.

“It means that we shall submit supplementary budget from July going forward.”

Responding, Senate President Ahmad Lawan stated that he had earlier held a similar parley with the president about the challenges of Nigerians if the subsidy is removed at this time.

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