Fuel Subsidy Removal: Nigeria goment go wait for 18 months before dem remove fuel subsidy

Nigeria goment say di removal of fuel subsidy go need to wait for anoda eighteen months, di Minister of petroleum resources tok.

Federal goment say dem go tell di National Assembly to extend di period to implement di removal of di subsidy till 2023.

Di Minister Timipre Sylva make di announcement wen im tok wit State House correspondents for Abuja on Tuesday.

E say goment don conclude plan to approach di National Assembly to amend di Petroleum Industry Act (PIA).

“Wit assent by di president on August 16, 2021, di PMS subsidy removal suppose be February 16, 2022.

“However, afta extensive consultations wit all key stakeholders within and outside goment we don agree to extend am.

“We go approve 18-month extension and den di National Assembly look am den pass di amendment as dem see am.

Federal goment suspend plan to remove subsidy

Nigeria Minister of Finance, Budget and National Planning, Zainab Ahmed say goment on Monday march break on top im plan to remove fuel subsidy for di kontri.

Di Minister tok say di suspension na till further notice during one ogbonge meeting wit legislators for inside di National Assembly for Abuja, di Nigerian capital.

She further explain give say afta dem look inside di timing of di fuel subsidy removal and di fact say in flation for di kon tri dey high, di president Muhammadu Buhari come reason am say di whole tin go cause plenti hardship for ordinary Nigerians and di president no like dat kain tin.

She further explain give say for di 2022 budget, dem be make provision for fuel subsidy from January to June and dat na from July na im subsidy for no dey.

she further explain give say dem go kon tinue to hold discussion wit different actors to ensure say dem dem rehabilitate di four national refin series wey get capacity to refine 450 000 barrels of of crude oil per day-as e go reduce di importation of petrol to di kontri.

Petrol attendant wey dey pour fuel inside moto.

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She add say need dey to amend di budget and include subsidy from July.

Still on di budget, di Minister of state for Petroleum, Timipriye Sylva na wey dem need to put di moni in side budget wey dem don pass, di lawmaker gatz do verytin for dia power to make sure everything go on as planned.

Senate president Ahmed Lawal say im believe na say make goment handle di issue of removal of fuel subsidy wit care and good planning.

Wetin be subsidy and how e take affect Nigeria economy?

Fuel subsidy be sometin wey dem dey call under-recovery and na im be di underpriced sales of petrol.

Di official reason for oil subsidies na to reduce di impact of rising global oil prices on Nigerians.

Fuel subsidy don dey di kontri since di 1970s.

Dem institutionalise am for 1977, under di regime of General Olusegun Obasanjo wit di promulgation of di Price Control Act wey make am illegal for some products (including petrol) to dey sold above di regulated price.

Between 2006-2018 Nigeria spend about 10 trillion Naira on petroleum subsidies.


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Kontri pipo for Nigeria bin do nation-wide protest for 2012 against former President Jonathan plan to comot fuel subsidy

Goment don try to remove am before?

Since Nigeria transition to civilian rule for 1979, many administrations and regimes don try to comot subsidy.

President Shehu Shagari bin raise di price of petrol in 1982, from 15.3 kobo a litre to 20 kobo.

For 1986 President Ibrahim Babangida announce partial removal of oil subsidies, which see petrol price increase from 20 kobo to 39 kobo per litre. Dis one follow di implementation of di Structural Adjustment Program wey di International Monetary Fund set.

Den for 2012 President Goodluck Jonathan chook hand to remove fuel subsidy pata-pata.

Di mata cause so much gbege and protest sotay di president no do and add 30% back to di fuel price.

For June 2020, President Muhammadu Buhari administration tok say dem sef go remove fuel subsidy as dem follow give approval to di Petroleum Products Pricing Regulatory Agency to remove di price cap wey dey for petrol.

But by March 2021, di government say dem go keep di price di same even as price of crude dey jump up – which mean say fuel subsidy still dey occur for Nigeria.