Removal of fuel subsidies: no palliative plan for Nigerians yet – FG
The Federal Government says it has not concluded plans on stopgap measures that would cushion the effect of fuel subsidy removal on Nigerians.
The Minister of State for Budget and National Planning, Clement Agba, said this during a briefing to journalists on Wednesday after the weekly meeting of the Federal Executive Council (FEC) in Abuja.
As part of the federal government's medium term expenditure for 2022 to 2023, a proposal of N3.3 trillion naira was only made for the fuel subsidy between January and June 2023.
Mr. Agba said a committee headed by Vice President Yemi Osinbajo worked with the National Economic Council (NEC).
This is a body made up of governors from all 36 states and the Federal Capital Territory (FCT), working on palliatives that will help cushion the effect of the subsidy cuts.
According to the minister, the subsidy provisions extend until June 2023, adding that the Ministry of Petroleum Resources and other relevant agencies have also been working on the issue.
He said, however, that the Minister of State for Petroleum Resources, Timipre Sylva, would be best placed to provide further updates on the issue of the removal of subsidies.
Mr. Agba said, "For more than a year, Vice President Yemi Osinbajo has been leading a committee that is working on this topic and the National Economic Council also has a committee that is doing the same.
"So the stage we're in right now is how to finalize the suggestions that have been put forward by both the federal government and the governors.
"As you know, this is something that's going to affect the whole nation. They'll just have to make sure everyone is trained, that is, the federal government and the sub-national governments."
Mr. Agba also disclosed that the council had approved six medium-term development plans for Nigeria, which will run from 2021 to 2050, dealing with various specifics.
He said: "The overall objectives are to create a stable and predictable macro-economic environment.
"It is by adopting policies that are consistent with increasing domestic savings and investments, in order to establish a solid foundation for a diversified concentric economy led by the private sector.
“It will also create a more resilient business environment that creates and sustains opportunities for Nigerians to realize their potential, among others.”
The minister said the plans were developed in collaboration with sub-national governments, the three main political parties, the PDP, APC and APGA as well as organized labour, youth and women's organisations, religious bodies and traditional institutions.< /p>
(NAN)
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The Federal Government says it has not concluded plans on stopgap measures that would cushion the effect of fuel subsidy removal on Nigerians.
The Minister of State for Budget and National Planning, Clement Agba, said this during a briefing to journalists on Wednesday after the weekly meeting of the Federal Executive Council (FEC) in Abuja.
As part of the federal government's medium term expenditure for 2022 to 2023, a proposal of N3.3 trillion naira was only made for the fuel subsidy between January and June 2023.
Mr. Agba said a committee headed by Vice President Yemi Osinbajo worked with the National Economic Council (NEC).
This is a body made up of governors from all 36 states and the Federal Capital Territory (FCT), working on palliatives that will help cushion the effect of the subsidy cuts.
According to the minister, the subsidy provisions extend until June 2023, adding that the Ministry of Petroleum Resources and other relevant agencies have also been working on the issue.
He said, however, that the Minister of State for Petroleum Resources, Timipre Sylva, would be best placed to provide further updates on the issue of the removal of subsidies.
Mr. Agba said, "For more than a year, Vice President Yemi Osinbajo has been leading a committee that is working on this topic and the National Economic Council also has a committee that is doing the same.
"So the stage we're in right now is how to finalize the suggestions that have been put forward by both the federal government and the governors.
"As you know, this is something that's going to affect the whole nation. They'll just have to make sure everyone is trained, that is, the federal government and the sub-national governments."
Mr. Agba also disclosed that the council had approved six medium-term development plans for Nigeria, which will run from 2021 to 2050, dealing with various specifics.
He said: "The overall objectives are to create a stable and predictable macro-economic environment.
"It is by adopting policies that are consistent with increasing domestic savings and investments, in order to establish a solid foundation for a diversified concentric economy led by the private sector.
“It will also create a more resilient business environment that creates and sustains opportunities for Nigerians to realize their potential, among others.”
The minister said the plans were developed in collaboration with sub-national governments, the three main political parties, the PDP, APC and APGA as well as organized labour, youth and women's organisations, religious bodies and traditional institutions.< /p>
(NAN)
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you are helping to sustain...What's Your Reaction?
