We’ve not fixed date for subsidy removal – FG

The federal government has said there’s no specific date for the removal of subsidy on Premium Motor Spirit popularly known as petrol.

The government is, however, committed to the removal of fuel subsidy, ambassador Gabriel Tanimu Aduda, the Permanent Secretary, Ministry of Petroleum Resources, said on Thursday.

According to him, all indices will be considered to ensure the move would not be too hard on the average Nigerian.

He spoke during a press briefing organised to mark the end of the 2023 Nigeria International Energy Summit (NIES 2023).

Ambassador Aduda said that government is currently working to ensure that forex is made available for those that would do import as a result of subsidy removal, adding that efforts are also being made to ensure that supplies are available for a minimum of six months ahead to ensure that disruptions will be minimal.

“Subsidy removal is one that had been with us for a long time. And I want to tell you that my minister is taking it very seri­ously and all of us in the indus­try because we totally understand the importance of removal of subsidy. But we also understand the greater importance of the citizens in the scheme of things. And as we speak we are still tak­ing a very close look at how best we can achieve subsidy without disrupting the entire ecosystem of livelihood in Nigeria because that is our responsibility as gov­ernment.

“We have to ensure that buffers are in place. We have to ensure that forex is made avail­able for those that would do im­port going forward from there. There is quite a lot we need to put in place and we have to ensure that supplies are available for a minimum of six months ahead to ensure that when we do that, the disruptions will be minimal. There are quite a number of fac­tors that we need to look at but yes, government is committed to removal but we cannot be too specific until we are sure that ev­ery indices have been considered to ensure that the effect is not too hard on the average Nigerian”, he said.

Aduda said the NOGOF2023 event provided players in the oil and gas industry a platform to speak their mind, and make on the spot assessment of where the industry in Nigeria is currently.

He said: “There are few bottle­necks that have been identified, especially issues of double tax­ation that we need to look at, we need to lessen the time it takes for licensing rounds. We had cause again on the need for removal of subsidy which government is looking very critically at, at this point. So quite a number of recommendations and sugges­tions have been made over these number of days. And to show you that government is listening we are totally taking notes. And we will brief our principal aright. And, of course, I want to assure us all, that my Minister, Presi­dent Muhammadu Buhari, who also doubles as the Minister of Petroleum, may not be here in person, but trust me, he is here in spirit because he will be properly briefed”.