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The Minister of Finance, Zainab Ahmed, has disclosed that President Muhammadu Buhari has set June 2023 as the date for the removal of fuel subsidy.
Ahmed disclosed this while appearing Thursday before the House of Representatives ad hoc committee investigating the fuel subsidy regime from 2013 to 2022.
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Buhari’s regime continues to service the subsidy, the country will spend N6.4 trillion annually.
Mr Buhari’s new deadline for removing fuel subsidy will be a month after he hands over to his successor in May 2023, leaving the new leader to deal with any backlash and commotion that may follow the decision.
“That is the option that was conveyed by His Excellency, the President, to the National Assembly. But Let me also say that even though this is a reduced option, it would mean that we are borrowing more than we would have borrowed if we did not have fuel subsidies,” Ms Ahmed further stated. “In 2022, we are carrying the cost of subsidy throughout the whole year.”
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