subsidy

Why Nigeria Cannot Continue Subsidy From 2022 – Minister

Why Nigeria Cannot Continue Subsidy From 2022 – Minister

November 24, 2021 3:43 pm

The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has revealed that with the Nigerian National Petroleum Company (NNPC) remitting almost zero Naira to the federation, the government can no longer sustain petroleum subsidy cost which currently stands at about ₦250 billion monthly.

Speaking to State House Correspondents on Wednesday shortly after the week’s Federal Executive Council (FEC) meeting which presided over by President Muhammadu Buhari, at the Presidential Villa, Abuja, the Minister insisted that subsidy must be removed by 2022 and replaced with ₦5000-a-month transportation grant to the poorest Nigerians, saying that subsidy was no longer sustainable.

Ahmed

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FG Not Contemplating Subsidy Removal, Says Slyva

FG Not Contemplating Subsidy Removal, Says Slyva

October 17, 2019 3:51 pm

The Minister of State for Petroleum, Timipre Slyva, has said that the federal government is not in any way contemplating the removal of subsidy, even as he revealed that oil has been discovered in commercial quantity in Bauchi State.

Slyva disclosed this Thursday while briefing the Joint National Assembly Committees on Petroleum Resources (upstream) on the 2019 budget performance and the proposed 2020 budget.

He said that while the subsidy might not be very clearly captured in the 2020 budget, provision was made for fuel subsidy.

Sylva stated: “I want to say this government is not about to remove …

Fuel Subsidy To Gulp ₦450bn In 2020 - Zainab Ahmed

Fuel Subsidy To Gulp ₦450bn In 2020 – Zainab Ahmed

October 14, 2019 11:20 pm

The Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, says under-recovery of Premium Motor Spirit, popularly referred to as fuel subsidy, will gulp ₦450bn in 2020.

She said this on Monday in Abuja, at the public presentation of the 2020 budget proposals.

Ahmed said it was called ‘under-recovery’ because it was the cost of operation of the Nigeria National Petroleum Corporation.

“We have a provision for under-recovery of PMS in the sum of ₦450bn. If you look at the Budget office’s website, it is in the fiscal framework, which is an annexure to the budget.”

The News …

NLC cautions FG against IMF’s petroleum subsidy removal

April 13, 2019 11:27 pm

The Nigerian Labour Congress (NLC) has cautioned the Federal Government against implementing the recommendation of the International Monetary Fund (IMF) on the removal of subsidy on petroleum products in the country.

Mr Ayuba Wabba, NLC President, gave the advice at a news conference on Saturday in Abuja.

The news conference was tagged: “Public Declaration of Nigeria’s Host of the 6th African Meeting of Solidarity with Cuba, Sept. 23 to Sept. 25 and Inauguration of Local Organising Committee (LOC).

Wabba said that the continued devaluation of the Nigerian currency had created the impression of the existence of subsidy.

He said that

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Q3 2018 capital budget records dismal implementation

FG plans removal of fuel subsidy

April 11, 2019 9:34 pm

The Minister of Finance, Mrs Zainab Ahmed says the Federal Government will look into gradual removal of fuel subsidy as part of strategies to boost revenue.

Ahmed said this on Thursday on the sideline of the IMF/World Bank meetings currently taking place in Washington DC, United States of America.

Ahmed made the disclosure while reacting to the IMF’s advice to Nigeria and other countries who still subsidise fossil fuel to stop doing so.

According to the IMF, fuel subsidy removal would help boost revenue and improve government’s spending to build more hospitals, roads, schools, and to support education and health …

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