Mrs. Zainab Ahmed, the Minister of Finance has stated that the Federal Government intends to make greater provisions for fuel subsidies in the 2022 budget.
Ahmed, made the announcement at the National Assembly Complex in Abuja on Monday after a meeting with Senate President Ahmad Lawan.
Senator Lawan called the meeting, which was also attended by Timipre Sylva, Minister of State for Petroleum Resources, and officials from oil corporations, in the wake of the government’s decision to remove fuel subsidies.
The finance minister noted in her speech that once the National Assembly enacted the 2022 budget, the administration had to reassess its position on the anticipated withdrawal of fuel subsidies.
She stated that a fuel subsidy was included in the 2022 budget to run from January to June, but that extra provisions will be made following consultations with stakeholders and in light of high inflation and economic hardship.
According to Ahmed, the withdrawal of the fuel subsidy will be difficult to time because the country is still experiencing significant inflation.
She acknowledged that withdrawing fuel subsidies at this time will worsen the situation of Nigerians, particularly those who are struggling to make ends meet.
In his answer, Senate President Bukola Saraki urged the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to postpone their planned strike over subsidy withdrawal because the situation has become untenable.
