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.
She added, “There is no imminent plan to remove fuel subsidy. We are here to discuss with the global community on various policy issues.
“One of the issues that always come up in the report, especially by the IMF as a corporate body is how we handle fuel subsidies. IMF is saying fuel subsidies are better removed so that you can use the resources for other important sectors.
“In principle that is a fact. But in Nigeria, we don’t have plans to remove fuel subsidy at this time because we have not yet designed buffers that can enable us remove fuel subsidy and provide cushions for our people. So there is no plan to remove fuel subsidy.
“We will be discussing with various groups . If we have to, what are the alternatives? We have not yet found viable alternatives . So we are not yet at the point of removing fuel subsidy.
“We also met with the World Bank Power Sector team and discussed the way forward on the Proposed USD1 billion Nigeria Performance Based Loan (PBL). We agreed to bring relevant MDAs together to ensure that we advance this in a timely manner.
“We will also discuss the Country Portfolio Performance of Nigeria which currently stands at $9.8 billion with the Nigerian Country team at the World Bank and how we could manage the portfolio for optimum results.”
Regina Daniels showcases her new Mercedes Brabus on Instagram
Nollywood teen actress, Regina Daniels is now a new owner of a Mercedes Brabus and she has showed it off...
Ghanaian Actor Prince David Osei attacks Gays And Lesbians
Actor Prince David Osei, took to social media to call out gays and lesbians over what he regarded as an...
Stunning photos of Jordyn Woods from her hotel room in Nigeria
American model, Jordyn Woods, who is currently in Nigeria took to her Instagram page to share these stunning photos of...
I am struggling vocally, says Waje
One of Nigeria’s leading female songstress, Waje, has revealed that she is struggling vocally at the moment. In a candid...
- This is Fate 26 April 2019 Update – Zee World April 25, 2019
- Twist of Fate 26 April 2019 Update – Zee World April 25, 2019
- Mehek 26 April 2019 Update – Zee World April 25, 2019
- Education is a wise response to Boko Haram terrorism, says Buhari April 25, 2019
- Former Barcelona president Sandro Rosell acquitted of money laundering after spending nearly two years in prison. April 25, 2019