Minister of finance, budget and national planning, Zainab Ahmed, says the Federal Government will remove fuel subsidy by 2022 and replace it with a N5,000-a-month transportation grant to the poorest Nigerians. EKO HOT BLOG reports that Ahmed said this while speaking at the launch of the World Bank Nigeria Development Update (NDU) on Tuesday. The minister … Read more
“I cannot give you a date for now. But the Vice President is actually leading the efforts and very soon, we will tell Nigerians what date the removal of subsidy will kick in.” The Minister of State for Petroleum Resources, Timipre Sylva, has disclosed that the Federal Government currently has no set date for the … Read more
Federal Government on Tuesday maintained that there is no going back on its decision to remove subsidy on Premium Motor Spirit (Petrol) and electricity. Minister of Finance, Budget and National Planning, Zainab Ahmed who stated this, also noted that the government did not make any provision for the subsidy in the 2021 budget. She made … Read more
The Vice President for Sustainable Development, World Bank, Laura Tuck, has warned Nigeria and other countries paying subsidies on fossil fuels to desist from it as such practice were not sufficient to support the poor. According to The PUNCH, Tuck stated this at the ongoing World Circular Economic Forum in Helsinki, Finland while addressing the … Read more
The Vice President for Sustainable Development, World Bank, Laura Tuck, has warned Nigeria and other countries paying subsidies on fossil fuels to desist from it as such practice were not sufficient to support the poor. According to The PUNCH, Tuck stated this at the ongoing World Circular Economic Forum in Helsinki, Finland while addressing the … Read more
The Executive Board of the International Monetary Fund (IMF) has concluded its Article IV consultation with Nigeria and called for a removal of fuel subsidy and for the Federal Government to increase its spending on the poor, as a means of reducing poverty in the country. In a statement yesterday the IMF said: “Phasing out implicit … Read more
Against the backdrop of the bad state of Nigeria’s refineries, the country may have spent about N10 trillion in the provision of pump price subsidy on imported petroleum products from 2006 to 2018. A research report by BudgIT, a public finance focused Non-Governmental Organisation, NGO, said this amount came from the price shocks in … Read more