The Federal Government has reiterated its determination to stop petrol subsidy by July.
Minister of Finance, Budget and National Planning, Zainab Ahmed says a
panel chaired by Vice President Yemi Osinbajo would meet with the
Nigeria Labour Congress, NLC and other stakeholders to consider the
proposed 5,000 naira transport palliative and other options meant at
mitigating the effects of the planned subsidy removal on citizens.
Zainab, while responding to questions by reporters at the public
presentation of the 2022 budget, said the Government is set to comply
with the provisions of the Petroleum Industry Act 2021 to fully deregulate
prices of petroleum products. She explained that the PIA 2021 has made a
provision that indicates that all by-products’ prices will be deregulated,
and so far we have been able to deregulate kerosene prices and diesel
prices.
Also, the Minister, while coming on the proposed 5,000 naira transport
grant, noted that the initiative was still at the proposal stage, adding that it
was being weighed alongside other proposals aimed at reducing the impact
of the subsidy removal on Nigerians. She said government would
implement any proposal with greater practicability and wider benefits for
Nigerians.
