The Federation Accounts Allocation Committee (FAAC) has ratified its committee’s decision to remove subsidy on premium motor spirit, also known as petroleum.
This is sequel to the agency’s setting up of a committee last month to look into the possible removal of the controversial fuel subsidy.
The committee was made up of a member from the Commissioners’ Forum, the Customs, State Accountants-General and the Minister of state for Finance etc.
On the submission of the report yesterday, FAAC simply approved the removal of the subsidy. According to the chairman of Commissioners’ Forum, Mr Timothy Odaah, the approval would be sent to President Goodluck Jonathan for ratification.
Mr. Odaah noted that the fuel subsidy has not solved the problem for which it was introduced in the first place, adding that only a few privileged individuals are benefiting from it to the detriment of the majority of Nigerians.
Information Nigeria, however, reports that the removal of the subsidy is subject to the ratification of Mr. President.