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FG Postpones Petrol Subsidy Removal, Says ‘Timing Was Problematic’

Published

4 years ago

January 25, 2022

Eric

The Federal Government has postponed the planned petrol subsidy removal till further notice due to “high inflation and economic hardship”.

Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.

The government had planned to stop subsidy payments on petroleum products from July this year.

Zainab Ahmed, minister of finance, budget, national planning, disclosed this on Monday in Abuja at a meeting with Senate President Ahmad Lawan.

The meeting had Timipre Sylva, minister of state for petroleum resources; representatives of oil companies, among others, in attendance.

Last week, Lawal had said Buhari did not direct the removal of petrol subsidy, saying their “constituents are raising concerns over the policy”.

The National Economic Council (NEC) said it is still considering the recommendations of its ad-hoc committee – which proposed full deregulation and N302 per litre for PMS.

Ahmed said petrol subsidy was provided for in the 2022 budget to run from January till June.

She, however, said that after consultations with stakeholders — in view of the high inflation and economic hardship – additional provisions would be made beyond the initial period.

According to her, it has become clear that the timing for the removal of petrol subsidy will be problematic as the country still experiences heightened inflation.

“Provision was made in the 2022 budget for subsidy payment from January till June. That suggested that from July, there would be no subsidy,” Ahmed said.

”The provision was made sequel to the passage of the Petroleum Industry Act, which indicated that all petroleum products would be deregulated.

“Sequel to the passage of the PIA, we went back to amend the fiscal framework to incorporate the subsidy removal.

“However, after the budget was passed, we had consultations with a number of stakeholders, and it became clear that the timing was problematic.

“We discovered that practically, there is still heightened inflation and that the removal of subsidy would further worsen the situation and impose more difficulties on the citizenry.

“Mr President (Muhammadu Buhari), does not want to do that. What we are now doing is to continue with the ongoing discussions and consultations in terms of putting in place a number of measures.

“One of these include the roll-out of the refining capacities of the existing refineries and the new ones, which would reduce the amount of products that would be imported into the country.

“We, therefore, need to return to the National Assembly to now amend the budget and make additional provision for subsidy from July 2022 to whatever period that we agreed was suitable for the commencement of the total removal.”

On his part, Lawan appealed to the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to shelve their planned industrial action over subsidy removal as it has become unnecessary.

TheCable

Featured

Tinubu Nominates Oyedele As Minister of State for Finance, Moves Anite-Uzoka to Budget Ministry

Published

13 hours ago

March 3, 2026

Eric

A statement signed by the Special Adviser to the President on Information and Strategy Bayo Onanuga, has announced that “President Bola Tinubu has nominated Taiwo Oyedele as the minister of state for finance, replacing Doris Anite-Uzoka.

“Mrs Anite-Uzoka will now move to the Ministry of Budget and National Planning, as the Minister of State, her third portfolio in the administration.

“President Tinubu has today conveyed the nomination of Mr Oyedele to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio.

“Until President Tinubu nominated him as a minister, Mr Oyedele from Ikaram, Akoko, Ondo State, was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.

“Mr Oyedele, 50, is an economist, accountant and public policy expert.

“He attended Yaba College of Technology, where he obtained a Higher National Diploma (HND) in accountancy and finance. He attended Oxford Brookes University and earned a BSc in applied accounting.

“He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

“Mr Oyedele spent 22 years of his working career at PwC, joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader.

“Mr Oyedele is also a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.”

Featured

Defection: Atiku’s Son, Adamu, Resigns As Adamawa Commissioner

Published

18 hours ago

March 3, 2026

Eric

Adamu Abubakar, the first son of former Vice-President Atiku Abubakar, has resigned as Adamawa State’s commissioner for works and energy development, days after Governor Ahmadu Fintiri defected from the Peoples Democratic Party to the All Progressives Congress.

Abubakar’s resignation letter, dated 2 March 2026, was addressed to the governor through the Secretary to the State Government. He gave no reason for his departure.

The timing is pointed. Fintiri announced his defection to the APC in a statewide broadcast last Friday, saying his cabinet and the PDP’s state structure had moved with him. Within 24 hours, 22 commissioners and special advisers publicly announced they were following suit. Abubakar, whose father remains one of the PDP’s most prominent national figures, was not among them.

In a statement issued Monday night, Abubakar’s media aide Abdulaziz Jauro said the former commissioner thanked the governor for the opportunity to serve and pledged continued loyalty to the administration’s developmental agenda. He also expressed gratitude to his father “for granting him the moral support and blessing to serve the people of Adamawa State” — a line that, read in context, suggests Atiku was consulted on the decision.

Abubakar said his resignation was not a withdrawal from public life. “This does not mark the end of his commitment to public service,” the statement read, “but rather the beginning of new avenues for developmental collaboration.”

The resignation leaves unresolved the question of whether it reflects a political break with the governor over his defection or a personal decision unconnected to the broader party realignment now reshaping Adamawa’s political landscape.

Featured

DSS Nabs Man over Assassination Attempt on Peter Obi

Published

20 hours ago

March 3, 2026

Eric

Nigeria’s Department of State Services (DSS) has detained a man in connection with the recent attack and alleged assassination threats targeting Labour Party’s 2023 presidential candidate, Peter Obi.

According to AIT, the shooting incident took place on February 24, 2026, in Benin City, Edo State, during a political gathering attended by Obi and several figures from the African Democratic Congress (ADC). The meeting was hosted by former APC National Chairman, John Oyegun. Gunmen reportedly opened fire at the venue, causing panic and forcing attendees to disperse for safety.

According to security sources, shortly after the attack, an individual identified as Udeme Monday Stephen allegedly took to social media claiming responsibility and issuing additional threats against Obi, warning of further violence.

Intelligence officials reportedly initiated swift investigations, employing digital tracing and forensic tools that led to the arrest of the 26-year-old suspect in Rivers State. He is said to be a teacher at a private secondary school in the Eliozu area of Obio-Akpor Local Government Area.

The suspect remains in DSS custody and is expected to face prosecution. The agency reiterated its commitment to responding to credible threats and safeguarding lives and national interests without bias.