The Federal Government has suspended indefinitely its planned fuel subsidy removal and will amend the 2022 Appropriation Act to provide for subsidy payments from July 1. This was announced by the Minister of Finance, Budget and National Planning, Ms Zainab Ahmed, in a meeting with lawmakers at the National Assembly. The Nigerian National Petroleum Corporation (NNPC) Limited had revealed that Nigeria consumes 19.535 billion litres of petrol yearly, averaging 1.6 billion litres monthly. This brings yearly subsidy to about N4.6 trillion. The Nigeria Labour Congress (NLC) threatened to embark on a nationwide protest against the planned removal of fuel subsidy in the 2022 budget signed into law by President Muhammadu Buhari. The Finance Minister, Timipre Sylva, and the Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Limited, Mele Kyari, met with the National Assembly leadership to amend the law to provide for an extension of subsidy provision beyond June 2022. Sylva said the government had initially planned to remove subsidies on petroleum products from July, but a reasonable provision was made in the 2022 national budget for subsidy payment till June.
Index to Nigerian Newspapers
