Economy

Federal Government has suspended the planned petrol subsidy removal

The Federal Government, through the Minister of Finance, Budget and National Planning, Zainab Ahmed, has suspended the planned petrol subsidy removal.

Speaking during a meeting held at the National Assembly in Abuja on Monday, the Minister said the suspension is till further notice.

The Minister of State for Petroleum, Timipre Sylva, had earlier today, said, President Muhammadu Buhari is not in support of the removal of subsidy on the Premium Motor Spirit (PMS), popularly known as petrol.

Rather, he explained that the Federal Government planned to complete consultations before coming out with a clear policy direction on the matter.

“I will tell you categorically that at this moment, the complete removal of subsidy is not on our plate at all,” said Sylva during this week’s edition of Channels Television’s Newsnight.

Sylva said this when he appeared on Channels Television’s Newsnight programme.

“I will tell you categorically that at this moment, the complete removal of subsidy is not on our plate at all,” said Sylva.

“The President of the Federal Republic of Nigeria is not in support of removing subsidy at this time,” he added.

The Minister stated that part of the reason why the Federal Government is not thinking about removing fuel subsidy is because of the impact it will have on Nigerians.

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