FG Backs Down On Fuel Subsidy Removal

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The Minister of State for Petroleum, Timipre Sylva, has said the federal government is not planning to remove subsidy on fuel.

This was made known to the journalist in an Interview with Channels Tv.

There have been confusion over the current administration’s stance on fuel subsidy.

In October, Zainab had announced that the federal government made provision for petrol subsidy only for the first six months of 2022 as the government looked towards complete deregulation of the sector.

She had said: “In our 2022 budget, we only factored in subsidy for the first half of the year; the second half of the year, we are looking at complete deregulation of the sector, saving foreign exchange and potentially earning more from the oil and gas industry.”

But speaking with reporters after a meeting with the president at the Presidential Villa, Abuja, on Tuesday, Lawan said he told Buhari about the feelings and concerns of his constituents on critical issues, including the proposed removal of subsidy.

The Senate President said he raised the issue with the president because lawmakers were worried about the agitations and protests around the country over the move to end petrol subsidy.

He said he was glad to inform Nigerians that Buhari had not told anyone to remove petroleum subsidy.

Sylva buttressed this point in the Channels Television interview.

“I will tell you categorically that at this moment, the complete removal of subsidy is not on our plate at all. The President of the Federal Republic of Nigeria is not in support of removing subsidy at this time.”

“Of course, we all know that it is a desirable policy direction. Of course, we know that it will have some impacts on the people and that is why we are trying to work out some of those things.

“Until those details are worked out properly with (the organised) labour, and with all the stakeholders in the sector, we will not remove the subsidy. At this moment, it is not on our plate, I can tell you that.

“This is something that needs to be worked out between the Federal Government and the states because this is a federation issue. We are working with the governors to see how we can continue with this policy direction of subsidising fuel for the foreseeable future.”

 

 

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