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Removal of fuel subsidy has not been suspended, FG clarifies

THE Federal Government has said that contrary to reports making the rounds, it has not suspended the removal of fuel subsidy come June, 2023.

A statement from the Federal Ministry of Finance, Budget and National Planning today, gave clarification on the report, insisting that there has been “no change in the overall policy direction regarding the petrol subsidy envisaged by June 2023”.

The Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning, Yunusa Tanko Abdullahi, said that “by the principles and letters of the 2023 Appropriation Act and the PIA laws, there is no provision for subsidy after June 2023”.

According to Abdulahi, some members of the incoming government were “brought into the National Economic Council (NEC) meeting so as to consolidate on that decision of fuel subsidy removal”.

“The government has not suspended the removal of fuel subsidy, but has rather expanded the subsidy removal committee to include teams from the incoming administration and the state governors”, Abdullahi said in the statement.

It will be recalled that the Minister of Finance, Budget and National Planning, Mrs. Zaniab Ahmed, had, after the National Economic Council (NEC) meeting, chaired by Vice President Yemi Osinbajo, told reporters that the NEC “came to the conclusion that the subsidy must be removed as it is not sustainable, but there is a need for further consultations, especially the need to involve members of the incoming administration and representatives of the state governments.”

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