BUSINESS HALLMARK
Nigeria’s federal government has said it is still considering how best to achieve fuel subsidy removal without disrupting livelihoods in Nigeria
Gabriel Aduda, permanent secretary at the ministry of petroleum resources disclosed this while speaking to journalists at the end of the 2023 Nigeria International Energy Summit (NIES) on Thursday.
The federal government had said it would end under-recovery payments by June, and would disburse the sum of $800 million secured from the World Bank, to poor Nigerians as part of its plans to mitigate the effects of subsidy removal on the most vulnerable population in the country.
Speaking on the planned petrol subsidy removal, Aduda said the federal government was committed to halting the payments, but needs to ensure that all indices are evaluated so that the impact would not be harsh on ordinary Nigerians.
He said although petrol subsidy removal had been in focus for sometime, industry stakeholders, as well as President Muhammadu Buhari, who doubles as the minister of petroleum resources, were taking it very seriously.
