The Minister of Finance, Zainab Ahmed, has disclosed that President Muhammadu Buhari has set June 2023 as the date for the removal of fuel subsidy.
Ahmed disclosed this before the House of Representatives adhoc committee investigating the fuel subsidy regime from 2013 to 2022. Added that, the country will spend N6.4 trillion annually while servicing fuel subsidy.
“One thing that stands out in the Medium Term Expenditure Framework was that if the nation holds on to fuel subsidy as it is designed now, we will be incurring from January to December a subsidy cost of N6.4 trillion,”. “But we suggested to the Federal Executive Council, and the Council approved that, maybe, we could look at the option of exiting the subsidy (regime) half year. So, if we did that, then the cost would be N3.35 trillion, which is half of the N6.7 trillion.”
