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Subsidy removal: We’re yet to find formula that works ― Finance Minister

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MINISTER of Finance, Hajia Zainab Ahmed, on Wednesday said that Nigeria has not found a formula that works, hence, it would not contemplate exiting from the subsidy regime.

The Minister stated this when she briefed State House correspondents after the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.

According to her, “We have not been able to develop an effective formula that will replace the current subsidy regime.

“Until we find a formula that will work for Nigeria, we will not contemplate removing subsidy. ‘As you know what works in Ghana and other countries, may not work here.”

The Minister also explained the difference between under recovery and subsidy, stressing that under subsidy regime, money was paid directly to Independent Petroleum Marketers for the importation of fuels, while on under recovery, the Nigeria National Petroleum Corporation, is the sole importer of petroleum products.

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