Nigeria: No Plan To Remove Fuel Subsidy Now – Finance Minister

By: Muhammed NUR Ali, Babagana BW. Ngala

Federal Government of Nigeria has again clarified its stance on the removal of fuel subsidy, saying it has no plan to do so in the immediate future.

The Minister of Finance, Zainab Ahmed, said this at the briefing by the Nigerian delegation on the outcome of their meetings with investors and institutions at the IMF/World Bank meetings in Washington DC United State of America.

Ahmed spoke in reaction to IMF’s advice to federal government to remove fuel subsidy, which might have led to panic buying in the country.

There is no imminent plan to remove subsidy. IMF said that fuel subsidy is better removed so that we can use the resources for other important sectors.

In principle, It’s a good suggestion, but in Nigeria we don’t have any plans to remove fuel subsidy at this time because we have not yet designed buffers that will enable us remove the subsidy and provide cushions for our people.

We will be working with various groups to find an alternative if we have to remove it. We are not yet at the point of removing fuel subsidy yet,” she said

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