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
By Eric Elezuo
One of the prime actors of the June 12, 1993 incidents, General Ishola Williams, has said that much as Chief MKO Abiola wrong was created having won the election, and denied victory, he cannot be recognized as a former President of Nigeria.
Gen Williams made his revelation while speaking as a guest on Channels television socio-political programme, Inside Source.
He maintained that only those who were sworn in that recognised as former presidents, and Abiola was never sworn in.
“Abiola cannot be recognised as former president because he was never sworn in.
The General, who said that he resigned from the army as a result of the wholesome reception given to General Sani Abacha, when he overthrew Chief Ernest Shonekan-led Interim National Government, contrary to expectation, also picked flaws in the narratives given by former Military President Ibrahim Babangida, in his recently launched book, A Journey In Service.
Williams rose in the army to become the Commandant of Army Signals, Commander of Training and Doctrine (TRADOC) and Chief of Defence Training and Planning, from where he resigned.
By Eric Elezuo
The Supreme Court of Nigeria has in its ruling on Friday recognised Hon Martins Amaewhule as the authentic speaker of the Rivers State House of Assembly, mandating him to urgently resume sitting with elected members of the assembly.
The apex court also ordered the Central Bank of Nigeria to stop releasing to the Rivers State government until a proper assembly is constituted.
Details soon…
Tension escalated at the Lagos State House of Assembly on Thursday as impeached Speaker Mudashiru Obasa made a dramatic return to reclaim his position.
Accompanied by heavily armed men, Obasa stormed the Assembly complex in a bold move that has thrown the State’s legislature into turmoil.
In a stunning turn of events, security details assigned to the substantive Speaker, Rt. Hon. Mojisola Meranda, were abruptly withdrawn on Thursday morning, clearing the path for Obasa’s controversial comeback.
Sources revealed that the Inspector General of Police (IGP) ordered the withdrawal of all security operatives attached to Meranda, leaving her exposed in the midst of an intensifying power struggle.
The Speaker’s Special Adviser on Information, Mr. Victor Ganzallo, expressed concern over the security vacuum created by the withdrawal of personnel.
“In the early hours of Thursday, we woke up to the startling news that all security details assigned to Madam Speaker, Mojisola Meranda, had been withdrawn.
This includes the police and DSS officers, leaving her exposed to threats amid the ongoing speakership crisis,” Ganzallo stated.
He further called on Governor Babajide Sanwo-Olu, as the State’s Chief Security Officer, to intervene urgently to prevent a complete breakdown of law and order within the Assembly.
“The withdrawal of security personnel has left the Assembly naked and vulnerable at a critical time. Urgent action is needed to restore order,” he pleaded.
With the speakership battle taking a dramatic new turn, political watchers are keenly observing how the crisis will unfold in the coming days.
