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Nigeria Suspends Removal of Fuel Subsidy

The National Economic Council of Nigeria has suspended the planned removal of fuel subsidies, saying there is a need for further consultation with stakeholders and the incoming administration, writes Mary Izuaka for The Conversation.

The council agreed that the fuel subsidy should be removed earlier rather than later due to its unsustainable nature, but the impact of its removal on ordinary Nigerians must be mitigated.

The government is working on alternatives to the fuel subsidy as the 2023 national budget only makes provision for it up to June 2023. The IMF has urged for the removall, saying the subsidy has significantly contributed to revenue loss and impacted the government's ability to fund developmental projects.

Meanwhile in April 2023, Nigeria secured U.$800 million in grants from the World Bank to scale up its social programmess, ahead of the subsidy removal.

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