FG insists on exit of subsidy regime in June

The  Federal Government has insisted that the payment for fuel subsidy will come to an end in June, 2023.

A statement from the Federal Ministry of Finance, Budget and National Planning gave a clarification on recent report the Federal Government had shifted the exit date for fuel subsidy payment.

A statement from the Federal Ministry of Finance Budget and National Planning stated that there has been “no change in the overall policy direction regarding the petrol subsidy envisaged by June 2023”. 

The Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning, Yunusa Tanko Abdullahi, told The Nation that “by the principles and letters of the 2023 Appropriation Act and the PIA laws, there is no provision for subsidy after june 2023”.

He noted that some members of the incoming government were “brought into the National Economic Council (NEC) meeting so as to consolidate on that decision of fuel subsidy removal”.

In a statement he signed, Abdullahi stated that government “has not suspended the removal of fuel subsidy, but has rather expanded the subsidy removal committee to include teams from the incoming administration and the state governors”. 

Minister of Finance, Budget and National Planning, Mrs. Zaniab Ahmed, after the National Economic Council (NEC) meeting, chaired by the Vice President, Prof. Yemi Osinbajo told reporters that the NEC “came to the conclusion that the subsidy must be removed as it is not sustainable, but there is a need for further consultations, especially the need to involve members of the incoming administration and representatives of the state governments.”