The Federal Government has postponed the planned removal of subsidy on petroleum products till further notice
Minister of Finance, Budget and Economic Planning, Hajia Zainab Ahmed, disclosed the development at a meeting held on Monday at the National Assembly.
The meeting was convened at the instance of the President of the Senate, Ahmad Lawan.
It had in attendance the Minister of State for Petroleum Resources, Timipre Sylva and the Group Managing Director of the NNPC Limited, Mele Kyari, among others.
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The Finance Minister said the Federal Government initially had plans to remove subsidies on petroleum products from July this year.
She said that was the reason adequate provision was made in the 2022 national budget for subsidy payment till June.
“Provision was made in the 2022 budget for subsidy payment from January till June. That suggested that from July, there would be no subsidy.
“The provision was made sequel to the passage of the Petroleum Industry Act which indicated that all petroleum products would be deregulated. Sequel to the passage of the PIA, we went back to amend the fiscal framework to incorporate the subsidy removal. (THEWILL)
