The scheduled withdrawal of the fuel subsidy has been suspended by the Federal Government until further notice.
Mrs Zainab Ahmed, the Minister of Finance and Economic Planning, made the announcement in Abuja on Monday, immediately after meeting with Senate President Ahmed Lawan.
According to the minister, the government will not abolish fuel subsidies as planned and stated late last year.
Fuel subsidies will be phased out by February of this year, according to the federal government’s announcement in November 2021.
The minister conveyed the government’s plan, stating that the decision was made in accordance with the Petroleum Industry Act (PIA) 2021.
She also stated that the government intends to begin paying N5,000 to 40 million of Nigeria’s poorest citizens as a gesture to alleviate the pain and suffering that will be experienced as a result of the situation.
The announcement has subsequently sparked nationwide debate and unrest among Nigerians, who have also questioned the plan’s rationale.
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