Di Nigerian goment don approve three trillion naira to maintain fuel subsidy for di next 18 months.
Di Federal Executive Council (FEC) approve di money during dia weekly meeting for Presidential Villa, Abuja on Wednesday.
Minister of Finance Budget and National Planning afta di meeting tell tori pipo say di federal government propose N3 trillion budget to meet di increase of di fuel subsidy request for di 2022 budget.
According to Zainab Ahmed, di kontri no get enough money to fund di fuel subsidy for di whole 18 months.
“Na only N443 billion naira we capture for di 2022 budget for subsidy to cover cost from January to June,” Ahmed tok.
She say as FEC don consider di new request by di National Petroleum Company, di ministry go approach di National Assembly to amend di fiscal framework and di budget.
“Wetin dis wan mean be say we need to make incremental provision of N2.557 trillion to meet di subsidy requirement.
“Dis one go be average of N270 billion per month,” di minister explain.
Govnors, labour react
Di Nigeria Governors’ Forum (NGF) say any action wey goment take on di removal of fuel subsidy must directly benefit di pipo.
Di govnors tok dis one during dia meeting wit Nigeria Labour Congress (NLC) for Abjua.
Di NGF and NLC criticise di Nigerian National Petroleum Corporation over di mismanagement of fuel subsidy regime for di kontri.
“We need partnership wit NLC to confront di challenges of wetin NNPC det do because di fraund too much,” tok-tok pesin for di forum Abdulrazaque Bello-Barkindo write for statement.
National Assembly launch investigation
Di whole confusion about di fuel subsidy make Nigerian lawmakers vex – especially di amount of money wey goment dey spend.
Dis wan make di National Assembly decide to torchlight how much petrol di kontri dey use.
Di lawmakers also wan investigate wetin dey happen to Nigeria refineries.
Speaker of House of Representatives, Femi Gbajabiamila say lawmakers go consider di decision to pay subsidy on petroleum subsidy, goment need to answer some kain questions.
Wetin be subsidy and how e take affect Nigeria economy?
Fuel subsidy na one of di tins wey Nigeria goment dey spend plenty money on, for a very long time.
But many Nigerians neva too understand wetin e mean.
Fuel subsidy na money wey goment dey pay so dat fuel price no go too cost for Nigerians.
If goment stop to pay subsidy, di price of fuel go increase and e go affect di price of goods and services.
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.
Goment don try to remove fuel subsidy 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, wey see petrol price increase from 20 kobo to 39 kobo per litre.
For 2012, President Goodluck Jonathan attempt to remove fuel subsidy. Di mata cause serious protest for di whole kontri.
For June 2020, goment of President Muhammadu Buhari tok say dem go remove fuel subsidy but by March 2021, di goment say dem go keep di price di same.
And for January 2022, Nigeria goment say di removal of fuel subsidy go need to wait for anoda eighteen months.
Di Minister of Petroleum Resources Timipre Sylva say dem go tell di national assembly to extend di period to implement di removal of di subsidy till 2023.