Fuel Subsidy Removal, A Boost For Nigeria 's Economy

 


By Nkoyo Etim 

The Minister of finance, budget and national planning Zainab Ahmed has advised Nigerians to prepare for an increase in the price of premium motor spirit, also known as petrol, due to the removal of subsidy on the product. 


The Minister gave the advice while appearing before the house of representatives committee on finance to defend the 2023-2025 medium term expenditure framework and fiscal strategy paper.


She said the government's budget deficit was expected to exceed N12.42 trillion if petroleum subsidies were maintained for the entire 2023 fiscal circle.



The federal government had in September last year urged Nigerians to prepare for subsidy removal.


Reacting to the ministers comments in an exclusive interview, the senator that represented Edo North in the 7th National Assembly, Sen. Dr Domingo Obende, said petrol subsidy removal will be a bit challenging as the nation has no functional refineries.


Senator Obende maintained that if Nigeria truly wants to embark on the removal of petrol subsidy, certain factors such as the cost of production, number of litres that can be consumed, building of more refineries among others, have to be addressed.




While admitting that subsidy removal may likely benefit a few considering the hike in price of petroleum gas, Sen. Obende however said it will help grow the economy.



END

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