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Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy (9419 Views)

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Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by BeeBeeOoh(m): 9:47pm On Nov 24
Zainab Ahmed, minister of finance, budget and national planning, says the government can no longer sustain petrol subsidy payments which currently stand at about N250 billion monthly.

Briefing state house correspondents after the federal executive council (FEC) meeting presided over by President Muhammadu Buhari on Wednesday, Ahmed said the payments were no longer sustainable.

The finance minister explained that the federal government will end fuel subsidy by 2022 and replace it with a N5000-a-month transportation grant to the poorest Nigerians.

“So the Petroleum Industry Act has a provision that all petroleum products must be deregulated. And in the 2022 budget, we made a provision to assume that at the maximum by the end of June, we must exit subsidy,” Ahmed said.

“So this last FAAC, the subsidy cost to the federation was N243 billion. So if we look at a cost of about 250 billion per month, and it has been increasing consistently. So we’re expecting something around N120 billion per month from NNPC. And now we’re getting to a point where NNPC is remitting near zero.

“And if we don’t stop we will get to a point where they will tell you: ‘Pay me this for managing the fuel provision in the country’.

“So if you take 250 billion times 12 months, that is about N3 trillion. If we don’t remove that, that is what it is costing us. This is money that we can use to apply to health and education.

“The intervention we want to provide, it’s for between 20 to 40 million people and there is still a lot of work going on. We have a committee that is chaired by His Excellency the Vice President, state governors and a few of us ministers as members. So we have to have a landing as to the exact number between 20 to 40 million.

“We already agreed it will be N5000 and we have also agreed that the remittances have to be done digitally. So the eNaira will help but so also will the various payment platforms that are currently available. What we will not do is paying people in cash.

“So, the transfers that people will receive through one kind of electronic money or the other and it’s meant to be for a period of six, nine or 12 months.

“So, these are things that we are still in negotiation because it’s still money that would have to come from the federation account. So everybody that is a member of FAAC will have to agree on the numbers. The maximum will be 12 months, the minimum will be six months.”

The finance minister also said she briefed the council on the third quarter gross domestic product (GDP) report for 2021.

She affirmed that the result showed an improvement from the contraction witnessed in 2020.

Asked why the growth does not impact Nigerians, Ahmed said that the impact of the economic growth being recorded will not be felt until it surpasses the population growth rate.

“Let me say that, again, the Nigerian economy is growing. And right now we witnessed, four consecutive quarters of GDP growth,” Ahmed said.

“We also said that we aspire to continue to push this growth to the point where the growth supersedes the growth in our population because that’s the time that people will feel the benefits.

“So, we’re pushing the bar at the third quarter of 2021. The average annual growth is now 3.3%. Our population growth is roughly about 3.2%. So, we still need to do a lot more for people to feel this.

“But the fact that the service sector is not in positive territory, it also means that people will begin to feel the difference because it is the service sector that has the first direct impact on people.”

https://www.thecable.ng/we-cant-continue-zainab-ahmed-says-nigeria-losing-n250bn-monthly-on-fuel-subsidy/amp

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by Maxymilliano(m): 10:06pm On Nov 24
The finance minister explained that the federal government will end fuel subsidy by 2022 and replace it with a N5000-a-month transportation grant to the poorest Nigerians

Do the 'poorest nigerians' buy fuel? How do you categorize and identify the poorest Nigerians among all commuters that will bear the brunt of transport fare hike? Will the spiral effect of fuel price increase, which will manifest in the prices of goods affect only the poorest Nigerians?

Cluelessness and senselessness are twin fatal diseases affecting this APC Federal looting government and their 'mis'leaders.

112 Likes 5 Shares

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by Racoon(m): 10:12pm On Nov 24
How many times will the same subsidy or subsidy under-recovery that the government have long called a scam/fraud be removed for goodness sake? Yet zombies are not even asking questions.

Meanwhile, are you lots tired of the corruption after 6 years? No new refineries as promised or revamping of the existent old ones.None of these moribund refineries have processed any drop of crude oil due to their dysfunctional state yet billions of dollars have been expended.

Imagine budgeting $150M for refurbishing of the PH refinery No accurate data on daily fuel consumption to determine how much is being subsidised.Bunch of crooks.

62 Likes 4 Shares

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by FarahAideed: 10:13pm On Nov 24
And your want to spend 200 billion to pay transport allowance ? Are you okay so? Instead of you to find out how daily fuel consumption jumped from 23 million litres a day to 90 million litres in just 4 years

53 Likes 8 Shares

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by NwaNimo1(m): 10:19pm On Nov 24

14 Likes 1 Share

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by ojun50(m): 10:24pm On Nov 24
This next coming yesr go hard,

If you never settle down do befor next year.
I see alot of people selling there cars.
Begging we increase

11 Likes

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by inoki247: 4:55am On Nov 25
ok na 200billion again no b 150...

4 Likes 1 Share

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by MiaBeer(m): 4:56am On Nov 25
shocked
Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by rajiedreez: 4:57am On Nov 25
How many time will they claim to remove subsidies

15 Likes

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by drealcivilceno: 4:57am On Nov 25
To the poorest Nigerians...

Abeg, God make you pick my call oh, I wan comot for this country because Nigerians don't have idea what is about to hit them.

19 Likes 1 Share

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by smallsaraih: 4:58am On Nov 25
sad

1 Like

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by drealcivilceno: 4:58am On Nov 25
FarahAideed:
And your want to spend 200 billion to pay transport allowance ? Are you okay so? Instead of you to find out how daily fuel consumption jumped from 23 million litres a day to 90 million litres in just 4 years

They have not even solved electricity problem sef, Nigerians don't know what is coming.

14 Likes 1 Share

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by ikorodureporta: 4:59am On Nov 25
2022 go really bloody cheesy
People go enter Ghana

5 Likes

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by henryutd(m): 4:59am On Nov 25
There is war next year. I know that 2022 will be tough but I wasn't expecting the sign so early like this.
Nigerians should be ready to change their attire. Our brain must be reset by fire and by force together.

17 Likes

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by OLESCO(f): 4:59am On Nov 25
Las las we go de alright

4 Likes 1 Share

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by nairavsdollars(f): 4:59am On Nov 25
So Petroleum will now sell for N1k per litre

5 Likes

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by allcomage: 5:01am On Nov 25
Why not repair the 4 refineries, take crude oil refine and sell to Nigerians at N100 per litre because crude is cheap now.

25 Likes 1 Share

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by chigoziri2403(m): 5:01am On Nov 25
The same subsidy removal your president kicked against

18 Likes 1 Share

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by Shedrack777: 5:01am On Nov 25
this fg is talking nonsense. let them remove the subsidy, we are nigerians, it'll take us few months and we'll adapt to the change and they can continue stealing big

5 Likes 2 Shares

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by free2ryhme: 5:02am On Nov 25

2 Likes

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by DonMarkuzi(m): 5:03am On Nov 25
Resign than spew this rubbish daily.

1 Like

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by drealcivilceno: 5:03am On Nov 25
ojun50:
This next coming yesr go hard,

If you never settle down do befor next year.
I see alot of people selling there cars.
Begging we increase

If na begging e go better.

They are looking for a president that come and clear the mess these ones have made with what constitution?


I just they laugh... Person come for revenge mission, you call am president.

8 Likes

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by Brushstrokes20: 5:03am On Nov 25
Satanic CHAINge courtesy of the useless govt of SELF SERVING THIEVES AND BLOODTHIRSTY TERRORISTS!

The shithole is on a cliff edge undecided

2 Likes

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by HRMK: 5:03am On Nov 25
hahaha...what a country!same govt that once claimed fuel subsidy to be scam!is it now REAL......?NAWA!

3 Likes

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by Temisia(f): 5:03am On Nov 25
grin
Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by Flames000(m): 5:05am On Nov 25
They won’t like the outcome of it. I can assure you.

Nyanga Dey sleep…. Trouble go wake am…

Wetin e Dey find?!!!!!

1 Like

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by Macsjebs: 5:05am On Nov 25
Ok
Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by aralc: 5:05am On Nov 25
Am moving to Togo
Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by abbey621(m): 5:06am On Nov 25
The finance minister explained that the federal government will end fuel subsidy by 2022 and replace it with a N5000-a-month transportation grant to the poorest Nigerians.

Dem don come again.......Audio money grin grin grin
Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by Tannhauser(m): 5:07am On Nov 25
grin

The joy of being proved right by this government has been overtaken by the depression caused by thoughts of the consequences on the people

embarassed

1 Like

Re: Zainab Ahmed: We Can't Continue, Nigeria Losing N250bn Monthly On Fuel Subsidy by Dproperties: 5:08am On Nov 25
Good morning Africans

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