The Minister of Finance, Mrs Zainab Ahmed says the Federal Government will look into gradual removal of fuel subsidy as part of strategies to boost revenue.
Ahmed said this on Thursday on the sideline of the IMF/World Bank meetings currently taking place in Washington DC, United States of America.
Ahmed made the disclosure while reacting to the IMF’s advice to Nigeria and other countries who still subsidise fossil fuel to stop doing so.
According to the IMF, fuel subsidy removal would help boost revenue and improve government’s spending to build more hospitals, roads, schools, and to support education and health for the people.
I have said it that Nigeria would keep on borrowing as long as we keep importing refined fuel.
Recall that 2017 budget was N7.4 Trillion and Federal Government spent N5.4 Trillion to import refined fuel in a country that has the best crude oil quality in the world.
Again, FG Turns to Original Builders of Refineries for 100 …
Jun 13, 2017 – Chineme OkaforÂ. The federal government is again contemplating inviting the original builders of the three refineries operated by the Nigerian …
Recall that on June 13, 2017; the Minister for state for Petroleum, Emmanuel Ibe Kachikwu made moves to invite the original builders to revamp the refineries which was a very good initiatives.
This move was killed and buried by the Cabal that are benefiting from the importation of refined fuel.
It is pertinent to note that from June 13, 2017 till date being April 13, 2019; they’re yet to invite the original builders to shores of the country.
How can FG look into gradual withdrawal of importation of refined fuel when there’s no alternatives to it? As we speak; Nigeria depends on 100% importation of refined fuel such as Dual Purpose Kerosene (DPK); Automotive Gas Oil (AGO), Premium Motor Spirit (PMS), Low Pour Fuel Oil (LPFO), Aviation Turbine Kerosene (ATK) and other forms of lubricants.
Incidentally, these are by-products of crude oil which are naturally available in Nigeria; yet it can’t be refined in Nigeria.