The Minister of Finance, Mrs Zainab Ahmed says the Federal Government will look into gradual removal of fuel subsidy as part of strategy 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 for the people.

“It’s good advice, but we have to implement it in a way that will be successful as well as sustainable.


“We are not in the position to wake up one night and just remove subsidy. We have to educate the people, we have to show the Nigerian citizens what the replacement for this subsidy will be.

“So, we have a lot of work to do because subsidy removal has to be gradual and the public has to be well informed,” she said.


Ahmed said that since the IMF/World Bank meetings started, she has had high-level meetings on taxation and discussions on global economy.

“We spoke on the need to build more fiscal buffers because of the slow down in global economic growth and partly by the natural incidences that are happening around the world like the cyclone in Southern Africa.

“We are discussing between ourselves on how we can better manage our finances and also how we must curtail the increases in our debt.

“For Nigeria, we are asking the World Bank to review some of the initiatives that involves them looking at implementation systems when they are providing funding for infrastructure.

“We understand that it’s well intended but we have informed them that they need to review its implementation, so that we are not overly slowed down because of the new procedures,” she said.



https://www.pulse.ng/news/local/fg-to-look-into-gradual-removal-of-fuel-subsidy-minister/x80rtz0


All I can say is that if her party had supported this in 2012...the benefits would have been there. Low oil prices have forced their hand.

Long overdue.....

Subsidy is just an avenue to siphon public funds. It started as a solidarity of govt to d people but greediness of elites made it a failure.

Padi Padi govt licenced petrol importation to their cronies, the same padi padi govt told their cronies to inflate the litres of imported fuel and d same padi padi govt pay subsidies on the imported fuel without confirming the actual litre that was imported and bled the country's scarce resources. We're just our own enemy in this country! We just have to appreciate d fact that nnpc is now d sole importer of petrol.

The fed govt also failed to provide electricity to all n sundry, most petroleum are used to fuel generators. If there's stable electricity, that nonsense fuel subsidy is a no-no, sane govts only subsidize profitable national companies product provided to citizens and agricultural products produced in the country, that's a win-win situation, the company is able to employ more people n pay tax, the citizens are also able to procure products at cheaper prize.

But subsidizing fuel is a NO-NO!! If not for generator users, those that own vehicles should be able to afford fuel before buying it.

So what was it u ppl claimed to remove d last tym dat made Nigerians now pay 143 a litre? Despite d NNPC claiming repeatedly dat dey no longer pay subsidy but under-recovery? May God punish both d govt and its supporters

theenchanter:
Long overdue.....

Subsidy is just an avenue to siphon public funds.

Which subsidy Mr Man? I thought you people claimed there is nothing like subsidy in Nigeria

Mr intergrity n his stupid supporters told us there is nothing like subsidy Thunder!!!

SarkinYarki:


Which subsidy Mr Man? I thought you people claimed there is nothing like subsidy in Nigeria

which people? did u missed ur way?

The only thing this administration did was that they revoked fuel importer license and asked nnpc alone to import fuel cos most fuel importers hiked their imports which doesn't correspond with what we consume according to nbs. The likes of otedola of forte oil were once importers.

And it made sense.... I dont know if u're aware of d subsidy scam some years ago sha.

theenchanter:
which people? did u missed ur way?

The only thing this administration did was that they revoked fuel importer license and asked nnpc alone to import fuel cos most fuel importers hiked their imports which doesn't correspond with what we consume according to nbs. The likes of otedola of forte oil were once importers.

And it made sense.... I dont know if u're aware of d subsidy scam some years ago sha.

Not all Nigerians have short term memory, it was clearly spelled out that subsidy has been removed reason it was nolonger budgeted for. It was celebrated by all of u till when Dino burst the bubble again.... if actually the importers hiked their prices and it was still sold at #87 how come now dat it's only NNPC dats not hiking price we are buying at x2. don't forget how much we were paying for subsidy when Buhari and Co were shouting back then and how much we re paying now?

Which subsidy again. Thought it went away with Jonathan

theenchanter:
Long overdue.....

Subsidy is just an avenue to siphon public funds. It started as a solidarity of govt to d people but greediness of elites made it a failure.

Padi Padi govt licenced petrol importation to their cronies, the same padi padi govt told their cronies to inflate the litres of imported fuel and d same padi padi govt pay subsidies on the imported fuel without confirming the actual litre that was imported and bled the country's scarce resources. We're just our own enemy in this country! We just have to appreciate d fact that nnpc is now d sole importer of petrol.

The fed govt also failed to provide electricity to all n sundry, most petroleum are used to fuel generators. If there's stable electricity, that nonsense fuel subsidy is a no-no, sane govts only subsidize profitable national companies product provided to citizens and agricultural products produced in the country, that's a win-win situation, the company is able to employ more people n pay tax, the citizens are also able to procure products at cheaper prize.

But subsidizing fuel is a NO-NO!! If not for generator users, those that own vehicles should be able to afford fuel before buying it.

I saw you on Gani Fawehinmi garden in lagos anti subsidy protest led by your mas ter TINUBU.....

Now ur head has set abi...? zombies

theenchanter:
which people? did u missed ur way?

The only thing this administration did was that they revoked fuel importer license and asked nnpc alone to import fuel cos most fuel importers hiked their imports which doesn't correspond with what we consume according to nbs. The likes of otedola of forte oil were once importers.

And it made sense.... I dont know if u're aware of d subsidy scam some years ago sha.

It made which sense that subsidy payment more than doubled...?

bilulu:

Not all Nigerians have short term memory, it was clearly spelled out that subsidy has been removed reason it was nolonger budgeted for. It was celebrated by all of u till when Dino burst the bubble again.... if actually the importers hiked their prices and it was still sold at #87 how come now dat it's only NNPC dats not hiking price we are buying at x2. don't forget how much we were paying for subsidy when Buhari and Co were shouting back then and how much we re paying now?

we're still paying subsidy, dont get it twisted, we're not just paying over bloated figures quoted by oil marketers, nnpc is the now d sole importer of petroleum in d country.

On buying fuel ×2 d former price... dont u know we import petrol from international markets were the currency used is dollar $? How much was dollar before n now? Has naira not doubled against d dollar?

bigpicture001:


It made which sense that subsidy payment more than doubled...?

how's subsidy payment more than doubled? Our subsidy payment before this administration was over 1trillion, are we now paying more or less?

theenchanter:
we're still paying subsidy, dont get it twisted, we're not just paying over bloated figures quoted by oil marketers, nnpc is the now d sole importer of petroleum in d country.

On buying fuel ×2 d former price... dont u know we import petrol from international markets were the currency used is dollar $? How much was dollar before n now? Has naira not doubled against d dollar? how's subsidy payment more than doubled? Our subsidy payment before this administration was over 1trillion, are we now paying more or less?

Subsidy payment was 331 billion b4 now over 720billion per year

theenchanter:
which people? did u missed ur way?

The only thing this administration did was that they revoked fuel importer license and asked nnpc alone to import fuel cos most fuel importers hiked their imports which doesn't correspond with what we consume according to nbs. The likes of otedola of forte oil were once importers.

And it made sense.... I dont know if u're aware of d subsidy scam some years ago sha.

Yeah we are all aware..then it alarmingly hit over 1 trillion naira. But now that the scam have been put in check by Mr.Integrity subsidy is over 2 trillion

OK

Amazing

Next Level Removal

Interesting Withdrawal

I pity N30,000 wage

I don't get!! Fuel was increased from 86 naira to 145 naira by buhari because he told us they stopped subsidy. So what are they planning to remove again ?


Fellow Nigerian, next level pump price = 200. And they will still be paying subsidy!

Satan kill buhari!!

Well also put in check the rate of unemployment and poverty level... an increase in fuel would send these figures higher, can we control the crime rate, terrorism, out of school children, poverty, unemployment it is bound to come with?

Thought at #145 ,subsidy has been totally removed.
This govt is a scam, too many lies.

And zombies, would keep believing the govt

Looking into what you said was not there!! APC government is the greatest fraud ever..

Dangote where are you...

How many times will Buhari remove subsidy? This man is a fraud, he just wants to increase fuel price to the next level. Buhari is a Mad man and all the people who voted for him are mad!!!!!!!

But the price was raised to N145 because subsidy was removed

So in essence they increased the price and retained subsidy

Isnt it the same subsidy that Goodluck Jonathan removed and APC staged the mother of all protest against?

We are indeed led by people of dishonorable characters

D

but u people have removed it before when u increased it to 145. which other removal again . na wao for this wayo govt

FG/APC should remove this subsidy once and for all.

Even if it's 500 per litre, we will buy until competition starts.

Have you all forgotten how we bought SIM card for 25k? Now as you walk along the road, they are begging you to take it for free.

Buhari should remove the damn subsidy