nairametrics.com
Open in
urlscan Pro
192.0.66.216
Public Scan
URL:
https://nairametrics.com/2023/01/18/it-is-safer-to-start-removing-fuel-subsidy-gradually-from-april-finance-minister/
Submission: On January 18 via api from ZA — Scanned from DE
Submission: On January 18 via api from ZA — Scanned from DE
Form analysis 5 forms found in the DOM
GET https://nairametrics.com/
<form action="https://nairametrics.com/" method="get" class="jeg_search_form" target="_top">
<input name="s" class="jeg_search_input" placeholder="Search..." type="text" value="" autocomplete="off">
<button aria-label="Search Button" type="submit" class="jeg_search_button btn"><i class="fa fa-search"></i></button>
</form>GET https://nairametrics.com/
<form action="https://nairametrics.com/" method="get" class="jeg_search_form" target="_top">
<input name="s" class="jeg_search_input" placeholder="Search..." type="text" value="" autocomplete="off">
<button aria-label="Search Button" type="submit" class="jeg_search_button btn"><i class="fa fa-search"></i></button>
</form>GET https://nairametrics.com/
<form action="https://nairametrics.com/" method="get" class="jeg_search_form" target="_top">
<input name="s" class="jeg_search_input" placeholder="Search..." type="text" value="" autocomplete="off">
<button aria-label="Search Button" type="submit" class="jeg_search_button btn"><i class="fa fa-search"></i></button>
</form><form id="commentform" class="comment-form">
<iframe title="Comment Form"
src="https://jetpack.wordpress.com/jetpack-comment/?blogid=201037849&postid=432106&comment_registration=0&require_name_email=1&stc_enabled=1&stb_enabled=1&show_avatars=1&avatar_default=mystery&greeting=Leave+a+Reply&jetpack_comments_nonce=751fd0f1c7&greeting_reply=Leave+a+Reply+to+%25s&color_scheme=light&lang=en_US&jetpack_version=11.7.1&show_cookie_consent=10&has_cookie_consent=0&token_key=%3Bnormal%3B&sig=c43455213443a20d71eeaa61f87975bf65e35d9e#parent=https%3A%2F%2Fnairametrics.com%2F2023%2F01%2F18%2Fit-is-safer-to-start-removing-fuel-subsidy-gradually-from-april-finance-minister%2F"
name="jetpack_remote_comment" style="width: 100%; height: 75px; border: 0px;" class="jetpack_remote_comment" id="jetpack_remote_comment" sandbox="allow-same-origin allow-top-navigation allow-scripts allow-forms allow-popups" scrolling="no"
data-gtm-yt-inspected-12="true">
</iframe>
<!--[if !IE]><!-->
<script>
document.addEventListener('DOMContentLoaded', function() {
var commentForms = document.getElementsByClassName('jetpack_remote_comment');
for (var i = 0; i < commentForms.length; i++) {
commentForms[i].allowTransparency = false;
commentForms[i].scrolling = 'no';
}
});
</script>
<!--<![endif]-->
</form>GET https://nairametrics.com/
<form action="https://nairametrics.com/" method="get" class="jeg_search_form" target="_top">
<input name="s" class="jeg_search_input" placeholder="Search..." type="text" value="" autocomplete="off">
<button aria-label="Search Button" type="submit" class="jeg_search_button btn"><i class="fa fa-search"></i></button>
</form>Text Content
WE VALUE YOUR PRIVACY
We and our partners store and/or access information on a device, such as cookies
and process personal data, such as unique identifiers and standard information
sent by a device for personalised ads and content, ad and content measurement,
and audience insights, as well as to develop and improve products. With your
permission we and our partners may use precise geolocation data and
identification through device scanning. You may click to consent to our and our
partners’ processing as described above. Alternatively you may click to refuse
to consent or access more detailed information and change your preferences
before consenting. Please note that some processing of your personal data may
not require your consent, but you have a right to object to such processing.
Your preferences will apply to this website only. You can change your
preferences at any time by returning to this site or visit our privacy policy.
MORE OPTIONSDISAGREEAGREE
* Home
* Exclusives
* Financial Analysis
* Corporate Stories
* Interviews
* Investigations
* Metrics
* Markets
* Currencies
* Cryptos
* Commodities
* Equities
* Dividends
* Stock Market
* Fixed Income
* Market Views
* Securities
* Industries
* Company News
* Consumer Goods
* Corporate Updates
* Corporate deals
* Corporate Press Releases
* Energy
* Entertainment
* Financial Services
* Hospitality & Travel
* Manufacturing
* Real Estate and Construction
* Tech News
* Economy
* Nairalytics
* Macro-Economic News
* Research Analysis
* Budget
* Public Debt
* Business News
* Financial Literacy
* Career tips
* Personal Finance
* Lifestyle
* Billionaire Watch
* Profiles
* Opinions
* Blurb
* Op-Eds
No Result
View All Result
* Home
* Exclusives
* Financial Analysis
* Corporate Stories
* Interviews
* Investigations
* Metrics
* Markets
* Currencies
* Cryptos
* Commodities
* Equities
* Dividends
* Stock Market
* Fixed Income
* Market Views
* Securities
* Industries
* Company News
* Consumer Goods
* Corporate Updates
* Corporate deals
* Corporate Press Releases
* Energy
* Entertainment
* Financial Services
* Hospitality & Travel
* Manufacturing
* Real Estate and Construction
* Tech News
* Economy
* Nairalytics
* Macro-Economic News
* Research Analysis
* Budget
* Public Debt
* Business News
* Financial Literacy
* Career tips
* Personal Finance
* Lifestyle
* Billionaire Watch
* Profiles
* Opinions
* Blurb
* Op-Eds
No Result
View All Result
No Result
View All Result
Home Industries Energy
IT IS SAFER TO START REMOVING FUEL SUBSIDY GRADUALLY FROM APRIL – FINANCE
MINISTER
by Omono Okonkwo
5 hours ago
in Energy, Industries, Spotlight
Nigeria’s Finance Minister, Dr. Zainab Ahmed
Share on FacebookShare on TwitterShare on Linkedin
Nigeria’s Finance Minister, Dr. Zainab Ahmed has said that it will be safer for
the Buhari administration to start removing fuel subsidies gradually from the
beginning of the second quarter of 2023.
She stated this during an exclusive interview via Arise TV, while attending the
ongoing in Davos, Switzerland on Tuesday, January 17.
According to her, removing the fuel subsidy in phases is the best option. She
said:
* “What will be safer is for the current administration to start removing the
fuel subsidy at the beginning of the second quarter because it works better
if you remove it gradually than all at once. The idea for us in the 2023
budget is that fuel subsidy costs should not exceed that N3.36 trillion, so,
whether it is done completely 100% by June or otherwise, it’s the process and
the cost that counts.”
Backstory: Ahmed had earlier announced that the Buhari administration had
earmarked N3.36 trillion as the amount for fuel subsidy payments in 2023, which
will cover six months before the payment regime will come to an end.
Why the fuel subsidy was not stopped prior to this time: Responding to why the
fuel subsidy regime was not stopped in June 2022, Ahmed said the decision to
extend the date of removal was a collective effort.
* She said the government decided to extend as a result of the lingering
impacts of the Covid-19 pandemic and the heightened inflation Nigerians were
facing at the time.
She stated further that the removal of the fuel subsidy at that time would have
increased the burden on the Nigerian citizens and the president does not want
that.
* “The good thing is we hear a consistent message that the fuel subsidy needs
to go because it is not serving the majority of Nigerians. Also, some new
candidates, running for the 2023 elections are also saying the subsidy regime
needs to end,” she said.
Need for revenues: The finance minister noted that Nigeria is in need of
revenues to service its debts and she expressed optimism that 2023 will bring
about needed revenues.
She highlighted the fact that the country needs to exit the fuel subsidy regime
because it is a very significant contributory factor to revenue loss. She said:
* “You can look at it in two ways – the payments made are revenues that would
have come to the government but don’t because it is being spent on fuel
subsidy, but also where there is not enough revenue to buy the refined
petroleum products, we have to borrow to buy the products, so, if we take
that out, that is over N3 trillion, it’s a significant relief if we do not
incur any more than that number that we projected for 2023.”
Anticipated growth in the oil and gas sector: While speaking, Dr. Ahmed noted
that Nigeria’s oil sector contribution which was minimal in 2022, is looking to
pick up in 2023.
This is due to the measures the government has taken, as well as a combined
effort of security and intelligence agencies, which have resulted in improved
production from the oil and gas sector and it looks like the trend will
continue.
She said that most of the oil fields that were previously not producing at the
levels they are supposed to can now do so at maximum capacity. Also, oil prices
in the international market are still at a reasonably high level.
* Ahmed also pointed to the gas sector where the government is working to
encourage investments in gas, so there will be new and additional incremental
streams that will come from the gas sector, so the country should be able to
meet up with revenue targets.
For the record: Ahmed also said that based on reports from the International
Monetary Fund (IMF) and the World Bank, there will likely be a global recession
in 2023, occasioned by a decline in growth on a general basis. This is because
of the following factors:
* The sustained economic impact of the Covid-19 pandemic and the resurgence of
the virus in China
* The Russia-Ukraine war is having a global impact on economies.
* The quantitative easing that is being implemented by Central Banks across the
world which have resulted in higher interest costs resulting in high
inflation rates whereby people’s spending power is weakened across the board.
RELATED
FG insists on stopping petrol subsidy by June 2023November 16, 2022In "Budget"
2023: Why fuel subsidy will go immediately if I am elected – Peter ObiJanuary 9,
2023In "Energy"
Only N3.36 trillion has been earmarked for fuel subsidy in 2023 budget – Finance
MinisterJanuary 4, 2023In "Energy"
Tags: Dr Zainab AhmedFuel Subsidy
LEAVE A REPLY CANCEL REPLY
Powered by pixfutureⓘ
Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME
|
RECENT NEWS
* Why Nigeria is experiencing its worst inflation in 21 years
* Wakanow Restructures For Global Expansion
* Nigeria leads Africa as the highest generator importer
Follow us on social media:
RECENT NEWS
WHY NIGERIA IS EXPERIENCING ITS WORST INFLATION IN 21 YEARS
January 18, 2023
WAKANOW RESTRUCTURES FOR GLOBAL EXPANSION
January 18, 2023
* Home
* Exclusives
* Markets
* Industries
* Economy
* Business News
* Financial Literacy
* Lifestyle
* Opinions
© 2023 Nairametrics
No Result
View All Result
* Home
* Exclusives
* Financial Analysis
* Corporate Stories
* Interviews
* Investigations
* Metrics
* Markets
* Currencies
* Cryptos
* Commodities
* Equities
* Dividends
* Stock Market
* Fixed Income
* Market Views
* Securities
* Industries
* Company News
* Consumer Goods
* Corporate Updates
* Corporate deals
* Corporate Press Releases
* Energy
* Entertainment
* Financial Services
* Hospitality & Travel
* Manufacturing
* Real Estate and Construction
* Tech News
* Economy
* Nairalytics
* Macro-Economic News
* Research Analysis
* Budget
* Public Debt
* Business News
* Financial Literacy
* Career tips
* Personal Finance
* Lifestyle
* Billionaire Watch
* Profiles
* Opinions
* Blurb
* Op-Eds
© 2023 Nairametrics
Advertisement
We'd like to show you notifications for the latest news and updates.
AllowCancel