Skip to main content

Removal Of Fuel Subsidy Postponed Over Inflation Fears

Zainab Ahmed, Nigeria's Minister of Finance, Budget and National Planning on Monday said the government has suspended the plan to remove fuel subsidy by the end of the first quarter of 2022.

At a meeting with the President of the Senate, Senator Ahmad Lawan at the National Assembly, the Finance Minister said:

“We discovered that practically, there is still heightened inflation and that the removal of subsidy would further worsen the situation and impose more difficulties on the citizenry,” 

“Mr President does not want to do that. What we are now doing is to continue with the ongoing discussions and consultations in terms of putting in place a number of measures.

“One of these include the roll-out of the refining capacities of the existing refineries and the new ones which would reduce the amount of products that would be imported into the country.

“We, therefore, need to return to the National Assembly to now amend the budget and make additional provision for subsidy from July 22 to whatever period that we agreed was suitable for the commencement of the total removal.”

As the removal of the subsidy anytime this year may worsen inflationary trends in the country.

Source: The Vanguard 

Comments

Post a Comment

Type your comments here

Popular posts from this blog

The CBN Reverses Its Decision And Sets New Limit On New Naira Note Withdrawal

The Central Bank of Nigeria had initially stopped the withdrawal of the new Naira notes over the counter, directing commercial banks to instead dispense the cash through their Auto Teller Machines (ATM) to the public. Thursday, 2, February 2023, the apex bank has now backtracked on that decision, it is informing the commercial banks to resume over-the-counter withdrawal of the new N200, N500 and N1,000 notes. The Central Bank of Nigeria, has set a new directive of a maximum daily payout limit of N20,000, consisting of redesigned Naira notes, to each customer.  “In line with this resolve, the Governor, Mr Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.  “We also admonish members of the public to embrace and adopt other payment channels for their transactions.  “The Naira is our legal tender and symbol of national pride. Therefore, let us resp...
11 comments
Read more

Kaduna, 2 Churches Attacked By Terrorist, 3 Persons Killed And 36 Abducted

In the early hours of Sunday, two churches, the Maranatha Baptist Church and the St. Moses Catholic Church, all in Kajuru Local Government Area of Kaduna State were stormed by suspected terrorists. According to the Vanguard News, a former Special Adviser on Media to the Governor of Kaduna State, Mr.Reuben Buhari said the attack on Roboh village, Kajuru LGA  where 36 people were kidnapped and 3 killed wasn’t the first attack. According to him, "attack) on rural communities by kidnappers have been going on without respite. Most go unannounced, unreported.” “The attack on Roboh village, Kajuru LGA today where 36 people were kidnapped and 3 killed wasn’t the first attack. On 5th January 2022, it was attacked and some kidnapped. On 27 April, 2020, the community was attacked again and this time some houses were burnt. Then the attack of today, 19 June, 2022.” He said because of the constant attacks on the community and surrounding ones, “the people in the village decided to start holdin...
3 comments
Read more

Festus Keyamo: I Can Drive From Abuja To Kaduna Without Escorts. I Can Do It!

The Minister of State for Labour, Mr Festus Keyamo, during an interview on Channels TV, says he can drive from Abuja to Kaduna without security escorts. On the interview session on live TV, he was quizzed on if he could drive despite the security challenges, the minister of state for labour and employment, who is also the spokesperson of the presidential campaign of the ruling All Progressive Congress (APC) said:  “Some people do, I can do it. I can do it. I saw headlines last week saying that I said insecurity has been brought to an all-time low by Buhari. I didn’t say so. It’s still the season of wrong headlines. I said what we met on the ground, Boko Haram in the north-east. I was specific and so they quoted me generally to say Boko Haram and insecurity throughout the whole country. I only said Boko Haram in the north-east, it has not been totally wiped out, but we have reduced this significantly. “All the roads that lead to Chibok and Damboa in Borno, they are now passable. The...
6 comments
Read more