FG says Petrol Subsidy will be removed just as that of electricity.

Written by on March 12, 2022

The Federal Government says it has succeeded in quietly removing subsidy on electricity tariff, which has been hailed by Financial experts to attract more investments into the sector and help government save scarce resources.

Minister of Finance, Budget and National Planning, Zainab Ahmed, said this at a meeting of African Finance Ministers and the International Monetary Fund.

At the meeting, the minister said petrol subsidy was the next target which has gulped 1.43 trillion naira in 2021, shrinking revenue accrued to the federation account to 542 billion naira.

Ahmed added that the removal of petrol subsidy was hindered by COVID and forthcoming elections.

In October, Ahmed had announced that the federal government made provision for petrol subsidy only for the first six months of 2022 as the government looked towards complete deregulation of the sector.

Seun Fakorede

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