The Federal Government has again clarified its stance on the removal of fuel subsidy, saying it had no plan to do so in the immediate future.
The Minister of Finance Zainab Ahmed stated this at the briefing by the Nigerian delegation on the outcome of their meetings with investors and institutions at the International Monetary fund, IMF/World Bank meetings in Washington DC.
She spoke in reaction to IMF’s advice to federal government to remove fuel subsidy, which might have led to panic buying in the country.
Zainab described the outing in Washington DC as a successful one, which provided Nigeria with the opportunity to review developments in the global economy and proffer potential solutions.
The Minister said that the general advice for Nigeria is to prioritise cost-effective policies that would increase resilience to shocks, boost productivity and raise incomes of the bottom 40 per cent of the population.