The federal government has postponed the planned petrol subsidy removal till further notice due to “high inflation and economic hardship”.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said yesterday.
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.
Mrs Zainab said the government had made provisions for subsidy in the 2022 budget from January to June this year, adding that government will forward a request to the National Assembly to make additional provisions for fuel subsidy from July this year till a time deemed appropriate for its eventual removal.
According to her, all payments on fuel subsidy ordinarily would cease as from July, 2022.
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