Petrol Subsidy May Go Before June, As Palliatives Still Not On Ground

Federal Government has alerted that the subsidy on petrol may be removed before May 29, 2023 when President Muhammadu Buhari would leave office.

Finance Minister, Zainab Ahmed, who spoke on the issue on Wednesday, during a visit to the headquarters of the voice of Nigeria in Abuja, said the rising level of the subsidy, which she puts at a average of N250 billion monthly is no longer sustainable.

Federal Government has budgeted N3 trillion to foot the subsidy between January and June this year.

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She explained that Federal Government is still sustaining the subsidy because of the ongoing polls and the National Population and Housing Census exercise.

But the Budget and National Planning Minister of State, Clement Agba said they are still working on the measures to be adopted in cushioning the effects of the subsidy when it is removed.

Agba speaking to the state house correspondents after the meeting of Federal Executive Council on Wednesday, said there is still no deal with the state governments on the proposed palliatives.

According to the minister, there was still nothing definite on the proposed palliatives whose framework is expected to be provided by a committee set up in January 2022, headed by Vice President Osinbajo, and another committee set up by the National Economic Council.

He was however, optimistic that the committees working with the state governments and stakeholders would arrive at a common position soon.