Fuel Subsidy Removal: No plan for palliatives yet for Nigerians

The federal government says it is yet to finalize plans on palliatives that will mitigate the effects of fuel subsidy removal on Nigerians.

The Minister of State for Budget and National Planning, Clement Agba, stated this while briefing journalists on Wednesday after the weekly Federal Executive Council (FEC) meeting in Abuja.

In the federal government’s Medium Term Expenditure framework 2022 to 2023, a proposal of N3.3 trillion was made only for fuel subsidy between January and June 2023.

Mr. Agba stated that the committee headed by Vice President Yemi Osinbajo has collaborated with the National Economic Council (NEC).

This is a body made up of governors from 36 states and the Federal Capital Territory (FCT), working on palliatives that will help mitigate the effects of subsidy removal.

According to the minister, the provision of subsidies until June 2023, adding that the Ministry of Petroleum Resources and other relevant agencies have also been working on the issue.

However, he stated that the Minister of State, Petroleum Resources, Timipre Sylva, would be in the best position to provide further updates on the subsidy removal issue.

Mr. Agba said: “For over a year, the Vice President, Yemi Osinbajo has chaired the Committee that is working on this and the National Economic Council also has a committee that is also doing the same.

“So, the stage we are in now is to complete the advice coming out from the federal government and the governor.

“As you know, it will affect the whole nation. They just have to make sure that everyone is brought in, that is the federal and sub-national governments.

Mr. Agba also stated that the council approved six medium-term development plans for Nigeria, to be implemented from 2021-2050, which are related to various specifics.

He said: “The broad objective is to create a stable and predictable macro-economic environment.

“This is by implementing a policy that is consistent with raising domestic savings and investment, to create a solid foundation for an economy led by the private sector with a variety of concentrics.

“It will also create a more resilient business environment that creates and supports opportunities for Nigerians to realize their potential, among others.”

The minister said the plan was developed in collaboration with the sub-national government, the three main political parties, PDP, APC and APGA as well as organized labour, youth and women’s organisations, religious bodies and traditional institutions.

(IN)