The federal government has clarified its stance on the removal of fuel subsidy, saying there was no plan to do so now, or in the immediate future.
The minister of finance, Zainab Ahmed, said this on Sunday, April 14, at the briefing by the Nigerian delegation on the outcome of their meetings with investors and institutions at the IMF/World Bank meetings in Washington DC.
The IMF had advised the Federal government to remove fuel subsidy, so as to divert the resources for other important sectors.
In response, Ahmed said “In principle, It’s a good suggestion, but in Nigeria we don’t have any plans to remove fuel subsidy at this time because we have not yet designed buffers that will enable us remove the subsidy and provide cushions for our people. “So there is no plan to remove fuel subsidy.
“We will be working with various groups to find an alternative if we have to remove it. We are not yet at the point of removing fuel subsidy yet,”
Ahmed, who described the meeting as a successful one, said it provided Nigeria with the opportunity to review developments in the global economy and proffer potential solutions.