No Immediate Plan To Remove Fuel Subsidy —Finance Minister
The Minister of Finance, Zainab Ahmed has said the federal government has no immediate plans to remove subsidy on petroleum products.
The minister told the Nigerian delegation at the close of the spring meetings of the International Monetary Fund and World Bank Group that subsidies will not be removed until buffers are designed.
According to her, There is no imminent plan to remove subsidy. One of the issues that always come up, especially in the IMF Article IV is how we handle fuel subsidies.
She said the economic management team has not found alternatives to subsidy hence, the government’s decision to retain it.
In her words, “So in principle, the IMF would say fuel subsidies are better removed so that you can use the resources can be utilised for other important sectors, which is good advice.
“But in Nigeria, we don’t have any plans to remove fuel subsidies at this time because we have not yet designed buffers that will enable us to remove the subsidy and provide cushions for our people.”