Nigeria Is Not Ready For Subsidy Removal – Zainab Ahmed

Minister of Finance, Zainab Ahmed has stated that there are no plans in the pipeline to remove fuel subsidy.

Ahmed, speaking during a Press Briefing to mark an end to the International Monetary Fund (IMF)/ World Bank Spring Meetings said Nigeria has not taken a decision in favour of the subsidy removal, because there are no buffers in place yet.

“There is no imminent plan to remove fuel subsidy. We are here to discuss with the global community on various policy issues .

Fuel Pump

“One of the issues that always come up in the report, especially by the IMF as a corporate body is how we handle fuel subsidies. IMF is saying fuel subsidies are better removed so that you can use the resources for other important sectors.

“In principle that is a fact. But in Nigeria, we don’t have plans to remove fuel subsidy at this time because we have not yet designed buffers that can enable us remove fuel subsidy and provide cushions for our people. So there is no plan to remove fuel subsidy.

“We will be discussing with various groups . If we have to, what are the alternatives? We have not yet found viable alternatives . So we are not yet at the point of removing fuel subsidy.”

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