Nigeria suspends removal of fuel subsidies
Nigeria’s Finance Minister Zainab Ahmed said the country's National Economic Council would continue talks with the incoming administration
Nigeria has suspended the planned removal of subsidies on petroleum products by June this year, saying it was not a “favourable time for the action”.
Nigeria’s Finance Minister Zainab Ahmed said the country’s National Economic Council would continue talks with the incoming administration.
President-elect Bola Tinubu plans to stop subsidy payments once he assumes office in May this year.
Earlier this month, the federal government secured US$800million in grants from the World Bank to scale up its national social programme ahead of removing its petroleum subsidies in mid-2023, aimed at reducing the impact of fuel subsidy removal.
Africa’s biggest economy set aside US$7.3 billion this year to spend on petroleum subsidies until mid-year 2023 when it will cease payments.
Nigeria is one of Africa’s largest crude oil producers but imports petroleum products due to malfunctioning refineries.
Asaase Radio 99.5 broadcasts on radio via 99.5 in Accra, 98.5 in Kumasi, 99.7 in Tamale, 100.3 in Cape Coast and on our affiliates Bawku FM 101.5 in Bawku, Beats FM 99.9 in Bimbilla, Somua FM 89.9 in Gushegu, Stone City 90.7 in Ho, Mining City 89.5 in Tarkwa and Wale FM 106.9 in Walewale
Tune in or log on to broadcasts online: www.asaaseradio.com, Sound Garden and TuneIn
Follow us on Twitter: @asaaseradio995
Live streaming: facebook.com/asaaseradio99.5. Also on YouTube: Asaase Radio Official.
Join the conversation. Call: 020 000 9951 or 059 415 7777. Or WhatsApp: 020 000 0995.
#AsaaseRadio
#TheVoiceofOurLand
