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The Nigerian government has decided to delay the removal of fuel subsidies. The government cited the need for further preparations and consultations with key stakeholders, including the incoming administration for carrying out the policy change
The Nigerian government has decided to delay the removal of fuel subsidies. The government cited the need for further preparations and consultations with key stakeholders, including the incoming administration for carrying out the policy change.
Nigeria’s Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, disclosed this to local media recently after the valedictory Council meeting presided over by Vice President Yemi Osinbajo in Abuja. It also said that representatives of the incoming administration require more preparatory work.
The finance minister said that the Council agreed that the timing of the removal of fuel subsidy should not be now; but should continue till all preparatory works are done. This preparation has to be done in consultation with the states and other key stakeholders including representatives of the incoming administration. Recently, the new administration of president-elect Bola Tinubu gave public sector workers pay rises after removing a fuel subsidy in June.
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President Muhammadu Buhari, who steps down in May, had planned to remove the popular but costly subsidy in 2022 as part of fiscal and petroleum sector reforms. But he abandoned the plan because of fears of protests in the run-up to last month’s election. Earlier also, successive Nigerian governments promised to remove the unsustainable fuel subsidy. But very little progress has been made towards that end.
