Nigeria: Fuel Subsidy Removal - No Plan for Palliatives Yet for Nigerians - Govt

Under the federal government's 2022 to 2023 Medium-Term Expenditure Framework, a proposal of N3.3trillion was only made for fuel subsidy between January and June 2023.

The federal government says it has not concluded plans on palliatives that would cushion the effect of fuel subsidy removal on Nigerians.

The Minister of State for Budget and National Planning, Clement Agba, stated this while briefing journalists on Wednesday after the weekly Federal Executive Council (FEC) meeting in Abuja.

Under the federal government's 2022 to 2023 Medium-Term Expenditure Framework, a proposal of N3.3 trillion was only made for fuel subsidy between January and June 2023.

Mr Agba stated that a committee headed by Vice President Yemi Osinbajo had been working with the National Economic Council ( NEC).

It is a body made up of governors of the 36 states and the Federal Capital Territory (FCT), working on the palliatives that will help to cushion the effect of the subsidy removal.

According to the minister, the provisions for subsidy is up to June, 2023, adding that the Ministry of Petroleum Resources and other relevant agencies have also been working on the issue.

He, however, stated that the Minister of State , Petroleum Resources, Timipre Sylva, would be in the best position to provide more updates on the issue of the subsidy removal.

Mr Agba said: "For over a year plus now, the Vice President, Yemi Osinbajo has been leading a Committee working on this and the National Economic Council also has a committee that has also been doing same.

"So, the stage that we are in now is how to finalise the suggestions that have come out from both the federal government and the governors' side.

"Like you know, it is something that is going to affect the entire nation. They will just have to ensure that everyone is carried along, that is both the federal and sub-national governments."

Mr Agba also disclosed that the council approved six medium term development plans for Nigeria, which will run from 2021-2050, dealing with various specifics.

He said: "The broad objectives are to create a stable and predictable macro-economic environment.

"This is by adopting policies that are consistent with raising domestic savings and investments, to establish a solid foundation for a concentric diversified private sector led economy.

"It will as well create a more resilient business environment that creates and support opportunities for Nigerians to realise their potentials, among others."

The minister said the plans were developed in collaboration with the sub-national governments, the three main political parties, PDP, APC and APGA as well as the organised labour, the youth and women organisations, religious bodies and traditional institutions.


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