Federal Government restates fuel subsidy ends June 2023

*The Federal Ministry of Finance Budget and National Planning clarifies there has been ‘no change in the overall policy direction regarding the petrol subsidy’, noting the Federal Government only ‘expanded the subsidy removal committee to include teams from the incoming administration and state governors

Alexander Davis | ConsumerConnect

Contrary to earlier report quoting the conclusion of the National Economic Council (NEC), the  Federal Government has insisted that the fuel subsidy regime will end June 2023.

Yunusa Tanko Abdullahi, Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning, in a statement issued in Abuja, FCT, again, clarified that the Federal Government had not shifted the exit date for fuel subsidy payment in the West African country.

The Federal Ministry of Finance Budget and National Planning, in the statement, noted there has been “no change in the overall policy direction regarding the petrol subsidy envisaged by June 2023.”

It was also learnt Yunusa Tanko Abdullahi, Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning, said “by the principles and letters of the 2023 Appropriation Act and the PIA (Petroleum Industry Act) laws, there is no provision for subsidy after june 2023.”

Abdullahi disclosed that only some members of the incoming government were “brought into the National Economic Council (NEC) meeting so as to consolidate on that decision of fuel subsidy removal.”

The Ministry also restated that the Federal Government “has not suspended the removal of fuel subsidy, but has rather expanded the subsidy removal committee to include teams from the incoming administration and the state governors”.

It is recalled that Mrs. Zaniab Ahmed, Minister for Finance, Budget and National Planning, after the National Economic Council (NEC) meeting, chaired by the Vice President, Prof. Yemi Osinbajo Thursday, April 27, had told the State House correspondents in Abuja, that the NEC “came to the conclusion that the subsidy must be removed as it is not sustainable, but there is a need for further consultations, especially the need to involve members of the incoming administration and representatives of the state governments.”