- His remarks followed demand by protesters for the the government to restore fuel subsidies in order to tackle galloping inflation and cost of living crisis
- He added that the NNPC has intensified effort to ramp up oil production to two million barrels per day, saying that this will help stabilise the naira and contain inflation
The Nigerian Government has said it didn’t allocate funds for fuel subsidy in 2024 national budget.
The Minister of Finance, Wale Edun made this known on Tuesday during an interview on AIT.
This is even as he ruled out the return of fuel subsidies amid the hunger protests.
His remarks follow demand by protesters for the the government to restore fuel subsidies in order to tackle galloping inflation and cost of living crisis.
Edun asserted that there are signs that the country is on the right path economically.
He added that the NNPC has intensified effort to ramp up oil production to two million barrels per day, saying that this will help stabilise the naira and contain inflation.
“There is no fuel subsidy in the Budget. That is the truth and the technical fact. We have signs that we are going in the right direction. What we must determine to do is to maintain these trends”, he said.
Recall that President Bola Ahmed Tinubu in his broadcast to Nigerians at the weekend said the decision to remove fuel subsidies was painful but highly imperative.
However, former President Olusegun Obasanjo in an interview with Financial Times said the Tinubu’s government is still paying fuel subsidy.
He noted that the style of removal of fuel subsidy by Tinubu leaves so much to be desired and is responsible for the economic downturn that besets the nation.
Recall that President Tinubu removed the fuel subsidy in June 2023 which saw the product increase to over N600 per liter from N238.