The Federal Government Of Nigeria has revealed the fuel subsidy removal date, after pressures that have been mounting Nigerian revenue to remove the subsidy payment.
The statement was made by Mrs. Zainab Ahmed, the Finance, Budget, and National Planning minister of Nigeria, at the 27th National Economic Summit, and depicted that obstacle to Nigeria’s economic goals was payment.
She also declared that a move has started to put a stop to the payment of subsidies, starting July 2022.
“As planned, the 2022 budget, the subsidy will only be said till June and starting July, there will be full deregulation of the sector, we would engage more foreign exchange, and also maximize earning from the oil and gas industry, we have borrowed funds exceeding our minimum threshold as provided by the Fiscal Responsibility Act, but we had to protect what we have.
Mr. Shubham Chaudhuri, (Nigeria World Bank Director) lamented how the Nigerian Government is spending big on fuel subsidy, despite the little revenue that is being generated, and he called that Nigerian leaders should maximize the Oil and Gas potentials.
This should be regarded with urgency, this is the time we should raise the future and hope of young Nigerians, and one of these steps is petrol subsidy.