Why Federal goment suspend fuel subsidy removal
Wia dis foto come from, Getty Images
Di National Economic Council (NEC) on Thursday 27 April suspend di planned removal of subsidy on petroleum products by di end of President Muhammadu Buhari administration.
Na di minister of Finance, Budget and National Planning, Zainab Ahmed, yarn dis one wen she dey brief tori pipo at di end of di NEC meeting wey Vice President Yemi Osinbajo preside ova for di Presidential Villa, Abuja.
Why NEC suspend fuel subsiy removal
Wia dis foto come from, Zainab Ahmed/Facebook
Di Minister tok say di NEC conclude for dia meeting say dis period no be favourable time to remove subsidy.
According to Ahmed, di Council deliberate on di mata and resolve say dem no fit remove di subsidy now.
She say dem agree on di need to kontinu di discussion on di mata and di necessary preparatory work wit states and representatives of di incoming administration.
Ahmed say dem gatz look at alternatives to di fuel subsidy wey dem need to plan and put in place.
She say dem gatz also look at wetin dem fit do to support di pipo wey go dey affected more by di subsidy removal.
“Wetin I tok be say we no go remove am now; wey mean say we no go remove am bifor di transition dey completed,” she tok.
End of Di one wey oda users dey read well well
Ahmed tok say if di incoming administration determine say dem fit remove fuel subsidy by June, den di work plan go dey designed to exit by June.
“But if di determination be say di period gatz dey extended, e go mean say as kontri, we gazz revisit di Appropriation Act sake of say di 2023 Budget only make provision up to June,” Ahmed tok.
She say if di extension na beyond June, e mean say dem gazz revisit di Appropriation Act and do Supplementary or amend di bill and also di Petroleum Industry Act (PIA).
Subsidy palava for Nigeria
Subsidy na one of di important topics wey Nigeria dey tok about.
Dis na sake of say many pipo believe say subsidy na scam as goment dey pay plenty moni to marketers so di price of petroleum products go reduce.
Part of di Petroleum Industry bill wey President Muhammadu Buhari sign for August 2021 no create room for subsidy.
For January 2022, di Federal Goment bin propose 18 months extension to di National Assembly for di implementation of di PIA.
Di administration of President Buhari agree to extend di statutory period of di implementation of di removal of subsidy on Premium Motor Spirit (PMS) in line wit existing laws.
$800 million fuel subsidy palliative
Di Federal Goment bin secure $800 million World Bank facility for fuel subsidy removal palliative.
According to di Minister of Finance, Budget and National Planning, di $800 na di first tranche of di palliatives wey Federal Goment go disburse through cash transfer to about 50 million Nigerians wey belong to di most vulnerable category of society.
She say dem don register di most vulnerable Nigerians for di national social register.
Ahmed say dat register get list of 10 million households as she add say dis number dey equivalent to about 50 million Nigerians.
“But we also gazz raise more resources to enable us do more dan just di cash transfers and also for our engagements wit di various stakeholders,” she tok.
