Minister of Finance, Budget, and National Planning Zainab Ahmed has revealed plans to make additional provisions for fuel subsidy in the 2022 budget.
She disclosed this on Monday at a meeting with the President of the Senate, Ahmad Lawan, at the National Assembly Complex in Abuja.
Senator Lawan had convened the meeting, also attended by the Minister of State for Petroleum Resources, Timipre Sylva, and representatives of oil companies, amid the controversy over the removal of fuel subsidy by the government.
In her remarks, the finance minister explained that the government had to reconsider its decision on the planned removal of fuel subsidy after the 2022 budget was passed by the National Assembly.
She stated that fuel subsidy was provided for in the 2022 budget to run from January till June, but after consultations with stakeholders and in view of the high inflation and economic hardship, additional provisions would be made beyond the initial period.
She further stated that it has become clear that the timing for the removal of fuel subsidy will be problematic as the country still experiences high inflation.
She admitted that removing fuel subsidy at this period would ultimately worsen the condition of Nigerians, especially those struggling to make ends meet.