Fuel Subsidy Must Go in June 2023, FG Insists

 

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said the plan to break off from fuel subsidy funding is not negotiable, describing it as a huge burden sustained by borrowing.

She reiterated government’s position during the question and answer/wrap up session of the 28th edition of Nigeria Economic Summit in Abuja.

Asked if government had taken definite position on ending fuel subsidy, she said there was no going back on the decision.

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“It was factored into the Medium Term Expenditure Framework. We engaged the states and the public including the civil society groups before it was approved. The size and burden of borrowing is putting much pressure on the fiscal side of the economy.

It’s borrowed monies that we are using to finance fuel subsidy which have to be paid back. It’s a jeopardy which is slowly coming to a stop. By June 2023, we must completely exit subsidy; it will be a gradual process” she said.