- The Senate is set to stop the payment of subsidy money to oil marketers in the country
- The decision to stop the payment followed the report presentation on the downstream sector to the upper chamber
- Senators believed the report was thorough and will end the era of subsidy payment in the country
The Senate is set to stop the subsidy payment to oil marketers in the country following the report on the committee on Downstream Petroleum sector was presented on Wednesday, May 8.
The report whose aim was to end the payment on subsidy to oil marketers was presented by Senator Kabiru Marafa (APC Zamfara Central), Leadership reports.
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It was gathered that the 19 oil marketers are still being owned outstanding money, as some senators believed the committee’s report will end the era of subsidy payment.
Meanwhile, Legit.ng earlier reported that BudgIT, a civic organization that applies technology to intersect citizen engagement with institutional improvement, to facilitate societal change, urged President Muhammadu Buhari to remove fuel subsidy.
The organisation said continued payment of fuel subsidy is to the detriment of Nigeria's development.
Shakir Akorede, BudgIT's communications associate, said in a statement: “To the detriment of socio-economic developments, Nigeria has spent nothing less than N10 trillion on petrol import subsidy between 2006 and 2018."
Legit.ng also gathered that the federal government again clarified its stance on the removal of fuel subsidy, saying it had no plan to do so in the immediate future. The minister of finance, Zainab Ahmed, said this on Sunday, April 14, at the briefing by the Nigerian delegation on the outcome of their meetings with investors and institutions at the IMF/World Bank meetings in Washington DC.
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Ahmed spoke in reaction to IMF’s advice to federal government to remove fuel subsidy, which might have led to panic buying in the country.
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Source: Legit.ng
