Fuel Subsidy: We’re working on method that works – Finance Minister, Zainab Ahmed

Fuel Subsidy: We’re working on method that works – Finance Minister, Zainab Ahmed

The Minister of Finance, Zainab Ahmed, on Wednesday, said that Nigeria can’t eradicate subsidy payment because there is no workable formula that is satisfactory to all stakeholders

Ahmed stated this when she briefed reporters after the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.

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According to her, “We have not been able to develop an effective formula that will replace the current subsidy regime.

“Until we find a formula that will work for Nigeria, we will not contemplate removing subsidy. ‘As you know what works in Ghana and other countries, may not work here.”

The Minister also explained the difference between under recovery and subsidy, stressing that under subsidy regime, money was paid directly to Independent Petroleum Marketers for the importation of fuels, while on under recovery, the Nigeria National Petroleum Corporation, is the sole importer of petroleum products.

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