Responding ng public outcry and protest warnings, the Federal government of Nigeria has rescinded its decision to stop subsidizing refined petroleum sales from June 2022.
The nation’s Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, made the disclosure at a meeting with the President of the Senate, Ahmad Lawan, at the National Assembly Complex in Abuja.
Amid the controversy over the removal of fuel subsidy by the government, the Senate president convened the meeting, which was also attended by the Minister of State for Petroleum Resources, Timipre Sylva, and representatives of oil companies,
In her remarks, the finance minister explained that the government had to reconsider its decision on the planned removal of fuel subsidy after the 2022 budget was passed by the National Assembly.
“Fuel subsidy,” Mrs. Ahmed said, “was provided for in the 2022 budget to run from January till June. But after consultations with stakeholders and in view of the high inflation and economic hardship, additional provisions would be made beyond the initial period.
“It has become clear that the timing for the removal of fuel subsidy will be problematic as the country still experiences high inflation. Therefore, removing fuel subsidy at this period would ultimately worsen the condition of Nigerians, especially those struggling to make ends meet.”
Also speaking on the development, Sylva noted that “removing fuel subsidy this period was bad timing, politically and economically.”
Following the new plan, therefore, the Senate President appealed to the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to shelve their planned industrial action over subsidy removal, saying it is no more necessary.
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