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Subsidy: FG reveals timeline for removal, discusses plans on palliatives



Fuel Subsidy

The Federal Government has revealed its timeline regarding the total removal of fuel subsidy. 

Only three months remain until the June deadline for beginning the cessation of the fuel subsidy, and the committees are still working to coordinate discussions on palliative measures, according to Clem Agba, Minister of State for Budget and National Planning.

The minister reminded State House reporters on Wednesday that a committee led by Vice President Professor Yemi Osinbajo as well as the National Economic Council by Governors have been working on resolving the issue for more than a year now.

The meeting of the Federal Executive Council was presided over by President Muhammadu Buhari.

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“For over a year plus now, the Vice President, Yemi Osinbajo has been leading a committee working on this and the National Economic Council also has a committee that has also been working on this,” Agba stated.

“So, the stage that we are in now is how to finalize the suggestions regarding the fuel subsidy that have come out from both the federal government and the governors’ side. As you know, it is something that is going to affect the entire nation.

“They will just have to ensure that everyone is carried along, that is both the federal and subnational governments.”

The Nigeria Agenda 2050 was also approved by the Council. This plan aims to reduce the number of people living in poverty to 2.1 million by 2050, increase real Gross Domestic Product (GDP) growth by 7%, and create N165 million jobs.

This happens around 29 months after President Buhari established the National Steering Committee for the creation of the Nigeria Agenda 2050 and the Medium-Term National Development Plan for 2021 to 2025.