Business Government Latest News

Federal Government To Remove Fuel Subsidy

The Federal government has responded to the position of the International Monetary Fund (IMF) on the removal of fuel subsidy for the development of sectors in the country.

This was disclosed by the Finance Minister, Zainab Ahmed, who noted that the removal would be a gradual process.

Earlier, the IMF in a press conference at the annual spring meetings with the World Bank in Washington DC advised the Nigerian government to remove fuel subsidy and utilize the money in providing social amenities for the country.

Speaking on the sidelines of the IMF/World Bank Spring Ahmed said: “The advice from the IMF on fuel subsidy removal was a good one, which will be implemented in a manner that is both successful and sustainable. We are not in a situation where we will wake up one day and just remove subsidy. We have to educate the people; we have to show Nigerians what the replacement for those subsidies will be.

READ ALSO: Reasons Nigerian Government Should Remove Fuel Subsidy – IMF

“So, we have a lot of work to do. We also need to understand that you don’t remove large amounts of subsidy in one go. It has to be gradual and the public has to be well informed on what you are trying to do”.

Topics

Connect With US




Loading…