Subsidy Removal: FG Seeks Legislative Approval before Distributing $800 million to Needy Nigerians.
Mrs. Zainab Ahmed, the minister of finance, budget, and national planning, has stated that legislative approval is pending and that other details regarding how to distribute $800 million to 50 million vulnerable Nigerians as a cushion and shock-responsive safety net before the removal of fuel subsidies in June are being worked out.
The finance minister urged swift implementation of the G20 Common Framework on Debts in relation to debt sustainability. “She expressed worry about the delays in debt restructuring for some nations, but she also urged cooperation between creditors and the afflicted nations to ensure the programs’ success.
She mentioned that ongoing discussions about the requirement to mobilize extra resources to abolish fuel subsidies and free up resources for investment in the social sector. “I am happy with the retention of the IMF growth forecast for Nigeria at 3% which is consistent with our internal projections even though our desire is to have higher GDP growth”.
