The Minister of Finance, Mrs Zainab Ahmed has said that the Federal Government will consider the gradual removal of fuel subsidy.
She further explained that the proposed removal of Fuel Subsidy will be of great help towards boosting the Economy revenue.
Mrs Zainab noted this on Thursday 11th April, 2019 at the ongoing IMF/World Bank in Washington DC, United States of America.
She made this remark while reacting to the advice of IMF to Nigeria and other countries that still practice fossil fuel subsidy to curb the act.
“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”, IMF said.
“its 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,” she said.
“We spoke on the need to build more fiscal buffers because of the slowdown in global economic growth and partly by the natural incidences that are happening around the world like the cyclone in Southern Africa”
“We are discussing between ourselves on how we can better manage our finances and also how we must curtail the increases in our debt.
“For Nigeria, we are asking the World Bank to review some of the initiatives that involves them looking at implementation systems when they are providing funding for infrastructure.
“We understand that it’s well intended but we have informed them that they need to review its implementation, so that we are not overly slowed down because of the new procedures,” she narrated