Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning

Government no longer subsidises electricity, petrol ─Minister

*The Federal Government is not bringing back fuel subsidy; we didn’t make provision for fuel subsidy in Budget 2021, says Zainab Ahmed, Minister for Finance, Budget and National Planning

Isola Moses | ConsumerConnect

The Federal Government of Nigeria has disclosed that it is not subsiding Premium Motor Spirit (PMS), popularly called petrol as it says it has no plan to do so.

Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning, who stated this while responding to questions during a virtual meeting Tuesday, January 12  in Abuja, FCT, said the government did not make any provision for electricity subsidy in 2021, and would not subsidise electricity as well, according to report.

On whether the reduction in petrol price about a month ago had led to the return of subsidy in the economy, the Minister replied “the answer is a flat no.”

Ahmed said: “We are not bringing back fuel subsidy. We didn’t make provision for fuel subsidy in the budget.

“The impact of what was done was reducing some of the cost components that were within the template.

“And also related to it, on matters of electricity subsidies, no provisions have been made for subsidy for fuel and no provisions have been made for subsidy for electricity.”

She also disclosed the government would hold the unclaimed dividends of investors in the stock market in trust, and would make the fund available when needed by an investor.

The Minister explained “on the issue of unclaimed dividends and government’s accounts and projections, there would be as much as N850bn to be realised into the special trust fund of unclaimed dividends.

“Government is keeping the money in trust for the beneficiaries. At any time, a registrar or a bank confirms that this is the true and bona-fide beneficiary of this fund, then government will release from that trust fund to the investor who has it.”

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