Nigerian Govt Gives⛽️ Condition for Fuel Subsidy Removal


The Federal Government has given conditions for the removal of subsidy on premium motor spirit, also known as petrol.

The conditions include: provision of alternative cushioning measures mutually agreed between stakeholders to protect the economically vulnerable members of the population.

Finance Minister, Zainab Ahmed, stated this at the press briefing marking the end of the 2019 Spring Meetings of the World Bank and the International Monetary Fund, IMF, in Washington DC, USA, Sunday.

She however said the Federal Government is yet to arrive at such measures.

She said there is no immediate plan to remove fuel subsidy, contrary to speculations that have led to the emergence of fuel queues in some parts of the country.

According to her, “At the IMFC meetings, the Managing Director requested for a mandate to pursue some negotiations with Governors for temporary financing options for ensuring that the Fund remains adequately resourced by maintaining the current resource envelope of the Fund through borrowed resources. This arose partly due to the delay in completing the 15th general review of quotas.

“While Governors endorsed this position, we called for an ambitious timetable for the 16th General Review of quota which should result in increased quota shares for dynamic economies in line with their relative positions in the world economy, while protecting the voice and representation of the poorest members.”

She further called for the normalisation of trade relations among the contending parties and called for concerted efforts to support multilaterism and avoid protectionist sentiments.

Post a Comment

0 Comments