News
We’ve removed subsidy from electricity and will do same for petrol – FG
The Federal Government has said that it has succeeded in quietly removing subsidy on electricity tariff.
This was disclosed by Minister of Finance, Budget and National Planning, Zainab Ahmed, at a meeting of African Finance Ministers and the International Monetary Fund.
Ahmed said while petrol subsidy is the next target, it has been hindered by COVID-19 and forthcoming elections.
She further revealed that petrol subsidy has remained a huge problem for the government, and the rise in global oil prices would worsen the issue.
The Minister said;
“We are cleaning up our subsidies. We had a setback; we were to remove fuel subsidy by July this year but there was a lot of pushback from the polity. We have elections coming and because of the hardship that companies and citizens went through during the COVID-19 pandemic, we just felt that the time was not right, so we pulled back on that.
“But we have been able to quietly implement subsidy removal in the electricity sector and as we speak, we don’t have subsidies in the electricity sector. We did that incrementally over time by carefully adjusting the prices at some levels while holding the lower levels down.
“The current review that we are doing is to hold the subsidy at the level in which it is planned… We are currently doing a budget amendment to accommodate incremental subsidy (removal) as a result of the reversal of the decision and we want to cap it at that.
“Hopefully, the parliament will agree with us and we are able to continue with our plan for subsidy (removal) otherwise the way things are going we will not be able to predict where the deficit will be as a result of the fluctuation in the global market.”
- Top Stories6 hours ago
Breaking: Ibadan Stampede: Court Orders Remand Of Ooni’s Ex-Wife, School Principal
- Top Stories11 hours ago
I’m not prepared to downsize my cabinet — Tinubu
- Sports8 hours ago
GOAT: Who said Messi is better than me – Cristiano Ronaldo
- Entertainment8 hours ago
Jay-Z has no ‘plans to show loyalty to longtime friend Diddy’ as he battles r@pe allegation
- Entertainment8 hours ago
Regina Daniels reveals the best way to predict one’s future as she shares more photos from her vacation
- Entertainment8 hours ago
Nkechi Blessing gets engaged to younger lover, Xxssive [VIDEO]
- News6 hours ago
Dele Farotimi released from Ekiti correctional centre
- News11 hours ago
BREAKING: “I Have No Regrets” – Tinubu Defends Fuel Subsidy Removal Amid Economic Hardship [VIDEO]