The federal government has given conditions for removal of subsidy on premium motor spirit otherwise known as fuel which includes provision of alternative cushioning measures mutually agreed between stakeholders to protect the economically vulnerable members of the population.
The Minister of Finance, Mrs. Zainab Ahmed, in a press briefing to mark the end of the 2019 Spring Meetings of the World Bank and the International Monetary Fund, IMF, in Washington DC, USA, yesterday, said the federal government is yet to arrive at such measures.
According to her, there is no immediate plan to remove fuel subsidy, contrary to speculations that have led to the emergency of fuel queues in some parts of the country.
She said the speculations came at the backdrop of the position canvassed by the World Bank/IMF officials during the meetings demanding the removal of the subsidy and use the resources generated from the exercise to invest and develop the nation’s infrastructure.
The Minister also revealed that her delegation held discussions with the World Bank with a view to taking one billion US dollars loan for the development of the power sector.
She however called for the normalization of trade relations among the contending parties and concerted efforts to support multilaterism and avoid protectionist sentiments.
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