- No subsidy for electricity and PMS
- Deregulated oil and gas sector to the benefit of Nigerians
- Zero subsidies ensure investment in the electricity sector
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has assured of the Federal Government’s insistence on the removal of subsidies in the petroleum and electricity sectors. Speaking at a virtual meeting on the Highlights of the 2021 Appropriation Act, the Minister gave a firm response to the question regarding subsidy on Premium Motor Spirit (PMS) and electricity.
In her response to the questions, the Minister said, “We are not bringing back fuel subsidy. We didn’t make provision for fuel subsidy in the budget”. Speaking further she said, “On matters of electricity subsidies, no provisions have been made for subsidy for fuel and no provisions have been made for subsidy for electricity”.
In 2020 the Federal Government announced the deregulation of the downstream oil and gas sector resulting in the removal of PMS subsidies. Since then, Nigerians have witnessed at least two price increments on PMS in 2020 alone. The removal of electricity subsidies according to the Federal Government will improve investments in the electricity sector.