By Ogochukwu Isioma

The Federal Government says it will consider removing subsidies on Premium Motor Spirit (PMS), also known as petrol, fuel or gasoline.

Minister of Finance, Zainab Ahmed, made the disclosure on Thursday while speaking at a meeting of the IMF/World Bank.

She was reacting to the advice by the International Monetary Fund (IMF) to Nigeria and other countries who still subsidise fuel to stop doing so.

IGBERE TV recalls that the Managing Director of IMF, Christine Lagarde, had called on the Federal Government to remove fuel subsidy, saying it is the right thing to do.

Addressing a press conference on Thursday at the on-going annual joint meetings with the World Bank in Washington DC, the IMF boss said with the low revenue mobilisation that existed in Nigeria in terms of tax to gross domestic product, it was important for the country to remove fuel subsidy to boost revenue and improve government's spending.

By so doing, she opined, the country would be able to move funds into improving health, education, and infrastructure for the people.

While describing the IMF’s advice to the Federal Government on the need to remove fuel subsidy as a good recommendation, the Minister of Finance said, “It’s good advice, but we have to implement it in a way that will be successful as well as sustainable.

“We are not in the position to wake up one night and just remove subsidy. We have to educate the
people, we have to show the Nigerian citizens what the replacement for this subsidy will be.

“So, we have a lot of work to do because subsidy removal has to be gradual and the public has to be well informed.”

SOURCE: http://igberetvnews.com/612092/just-in-fg-considers-removing-fuel-subsidy/

Cc: Lalasticlala, Mynd44, OAM4J

Give me Ngozi Okonjo Iweala

Here is why subsidy should have gone completely

www.nairaland.com/attachments/6466543_mainqimgd76a36454814284cf5316e67a4f4fb10_jpege351e27435b03a3ed7c2e2a83a702ffa

The above chart was made in 2015 when price of fuel was N87. Now it is N145, AND all the other countries in the chart are still charging higher. Niger charges 397, and Benin 298 for example.

This makes it easier for smugglers to do their job...leading to inflation of the amount of fuel used, and the subsidy paid keeps on going up....

We are in essence paying subsidy for ourselves and other African countries.

Next level hunger loading. Thank God say I don't see reason to increase the price of my goods for warehouse.

Factgist:
Give me Ngozi Okonjo Iweala

Who, if she was in charge, would have supported subsidy removal totally.

The problem you have is that you do not want to pay higher for fuel. And like your opponents did against GEJ in 2012...forcing him to shelve an idea whose time had come...you are using the high prices of subsidy removal as a weapon against PMB.

At the end of the day, the subsidy remains, the cabals go home satisfied...all because in 2012 APC members, and in 2019 PDP members were interested in politics rather than the good of their country

Hmmmm

They should only subsidies food trucks.

When fuel is gradually going extinct..

tactius:
Here is why subsidy should have gone completely

www.nairaland.com/attachments/6466543_mainqimgd76a36454814284cf5316e67a4f4fb10_jpege351e27435b03a3ed7c2e2a83a702ffa

The above chart was made in 2015 when price of fuel was N87. Now it is N145, AND all the other countries in the chart are still charging higher. Niger charges 397, and Benin 298 for example.

This makes it easier for smugglers to do their job...leading to inflation of the amount of fuel used, and the subsidy paid keeps on going up....

We are in essence paying subsidy for ourselves and other African countries.

How many of those comparative countries export crude same volume as Nigeria?