The Federal Government has denied suspending the planned removal of the petroleum subsidy in the country.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who made the declaration in a statement on Friday said that the government only expanded the subsidy removal committee to include teams from the next administration and state governors.
She was said to have spoken in Abuja on Thursday after the National Economic Council (NEC) meeting, chaired by the vice president, Professor Yemi Osinbajo.
Ahmed said that the Council resolved that the fuel subsidy was not sustainable and must be removed.
She stressed that there was no change in the policy direction of the government on the issue of the subsidy removal
The statement from the Ministry of Finance, Budget and National Planning partly reads,
‘’Against the backdrop of the story in some media that the Nigerian Government has suspended the removal of petrol subsidy, the government has said that it has not suspended the removal as stated by Honourable Minster of Finance, Budget and National Planning, Zainab Ahmed.
‘’The subsidy removal committee is rather to include teams from the incoming administration, the State Governors.
“The Minister, Zainab Ahmed, stated this in Abuja on Thursday after the National Economic Council (NEC) meeting, chaired by the vice president, Professor Yemi Osinbajo.
‘’The minister 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.”
There were widespread media reports quoting Ahmed as having said that the fuel subsidy had been suspended.
“Council agreed that the timing of the removal of fuel subsidy should not be now., but that we should continue with all of the preparatory works that need to be done, as this preparation has to be done in consultation with the states and other key stakeholders including representatives of the incoming administration.’’ She had said
