Nigeria Moves To Suspend Removal Of Fuel Subsidy

Initially, the administration proposed ending the fuel subsidy in June, a move backed by the World Bank, and replacing it with a cash transfer plan.

However, the move drew criticism from a number of places, including Senate President Ahmed Lawan and elder statesman Abdulsalami Abubakar, who both slammed the concept.

The Minister of Finance, Budget, and National Planning, Zainab Ahmed, revealed that the government was reconsidering its June deadline after meeting with Senator Lawan on Monday at the National Assembly Complex in Abuja.

Senator Lawan had convened the meeting, also attended by the Minister of State for Petroleum Resources, Timipre Sylva, and representatives of oil companies, amid the controversy over the removal of fuel subsidy by the government.

In her remarks, the finance minister explained that the government had to reconsider its decision on the planned removal of fuel subsidy after the 2022 budget was passed by the National Assembly.

She stated that fuel subsidy was provided for in the 2022 budget to run from January till June, but after consultations with stakeholders and in view of the high inflation and economic hardship, additional provisions would be made beyond the initial period.

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