We Will Remove Fuel Subsidy Gradually, Says Federal Government

— Nigeria’s Minister for Finance has declared that the Federal Government would eventually see to the removal of fuel subsidy, but it would be a gradual process. 

— The Minister also mentioned that the government had a lot do work to do, before important measures can be implemented as regards the said matter. 

Nigeria’s Minister for Finance, Mrs Zainab Ahmed, has officially announced that the Federal government would make the process of removing fuel subsidy gradual.

The Minister for Finance stated this in response to the contribution of the International Monetary Fund, IMF, on the need for the government of Nigeria to consider removing the fuel subsidy and channel the resources into developing other key infrastructural systems in the country such as health care and education.

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The Minister made this known while speaking at the World Bank Spring meeting in Washington D.C on Friday. Mrs Zainab Ahmed supported the position of the International Monetary Fund on the matter, but stated that the government needs to take certain important measures first.

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In her words: “The advice from the IMF on fuel subsidy removal was a good one, which will be implemented in a manner that is both successful and sustainable. We are not in a situation where we will wake up one day and just remove subsidy. We have to educate the people, we have to show Nigerians what the replacement for those subsidies will be.

“So, we have a lot of work to do. We also need to understand that you don’t remove large amounts of subsidy in one go. It has to be gradual and the public has to be well informed on what you are trying to do”, she concluded.

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