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FG To Stop Fuel Subsidy By July 2022

BoomRadioNG | October 27, 2021

The federal government has announced that payment of fuel subsidy would end July 2022. This was disclosed by the minister of Finance, Budget and National Planning, Mrs Zainab Ahmed Tuesday night at a media briefing organized after the closing ceremony of the 27th Nigerian Economic Summit (NES#27) in Abuja.

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed

She said according to the provisions of the Petroleum Industry Act( PIA) recently signed by President Muhammadu Buhari, it indicates that all petroleum products should be deregulated.

The Federal Government had earlier disclosed that it subsidizes the cost of Premium Motor Spirit (PMS) with about N120 billion ($263,248 million) monthly after deregulating just for a few months.

Written by BoomRadioNG

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