The Minister of Finance, Mrs Zainab Ahmed, said this on Sunday at the briefing by the Nigerian delegation on the outcome of their meetings with investors and institutions at the IMF/World Bank meetings in Washington DC.
Ahmed spoke in reaction to IMF’s advice to the federal government to remove fuel subsidy, which might have led to panic buying in the country.
There is no imminent plan to remove subsidy. IMF said that fuel subsidy is better removed so that we can use the resources for other important sectors.
“In principle, It’s a good suggestion, but in Nigeria, we don’t have any plans to remove fuel subsidy at this time because we have not yet designed buffers that will enable us to remove the subsidy and provide cushions for our people.
“So there is no plan to remove fuel subsidy.