Buhari government not planning to remove petrol subsidies, Nigerian minister of finance says in Washington D.C. Updated for 2021

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Updated: February 27, 2021


The administration of President Muhammadu Buhari is not planning to remove petrol subsidies at the moment as recommended by the International Monetary Fund, the Nigerian Minister of Finance, Zainab Ahmed, disclosed on Sunday.

“There is no imminent plan to remove fuel subsidies,” the Minister said at a press conference in Washington D.C. at the end of the 2019 World Bank and IMF Spring Meetings.

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ZAINAB AHMED, Nigeria’s Minister of Finance and head of the Nigerian delegation at the 2019 World Bank and IMF Spring Meetings addresses journalists in Washington D.C. on Sunday April 14, 2019. Photo: EMMANUEL IKODOR, TODAY NEWS AFRICA

There is no imminent plan to remove fuel subsidies – Nigeria’s finance minister says in Washington D.C.

GODWIN EMIEFELE, the Central Bank Governor at the 2019 World Bank and IMF Spring Meetings addresses journalists in Washington D.C. on Sunday April 14, 2019. Photo: EMMANUEL IKODOR, TODAY NEWS AFRICA

She said she agreed in principle that removing fuel subsidies to invest in infrastructure was good, but not without necessary buffers to cushion the resulting negative effects, adding that those buffers are nonexistent in Nigeria at the moment.

ZAINAB AHMED, Nigeria’s Minister of Finance and head of the Nigerian delegation at the 2019 World Bank and IMF Spring Meetings addresses journalists in Washington D.C. on Sunday April 14, 2019. Photo: EMMANUEL IKODOR, TODAY NEWS AFRICA

“We are not yet at a the point of removing fuel subsidies,” she added.

UDOMA UDO UDOMA, Minister of Budget and National Planning at the 2019 World Bank and IMF Spring Meetings addresses journalists in Washington D.C. on Sunday April 14, 2019. Photo: EMMANUEL IKODOR, TODAY NEWS AFRICA

As the head of the Nigerian delegation in the Spring Meetings, the Minister addressed journalists alongside the Central Bank Governor, Godwin Emiefele and Udoma Udo Udoma, Minister of Budget and National Planning.

ZAINAB AHMED, Nigeria’s Minister of Finance and head of the Nigerian delegation at the 2019 World Bank and IMF Spring Meetings addresses journalists in Washington D.C. on Sunday April 14, 2019, along with GODWIN EMIEFELE, the Central Bank Governor, and UDOMA UDO UDOMA, Minister of Budget and National Planning. Photo: EMMANUEL IKODOR, TODAY NEWS AFRICA

We are not yet at a the point of removing fuel subsidies

Ahmed and others characterized the Spring Meetings as a clear validation that the Nigerian economy was healthy, having exited recession and starting to grow again.

ZAINAB AHMED, Nigeria’s Minister of Finance and head of the Nigerian delegation at the 2019 World Bank and IMF Spring Meetings addresses journalists in Washington D.C. on Sunday April 14, 2019, along with UDOMA UDO UDOMA, Minister of Budget and National Planning. Photo: EMMANUEL IKODOR, TODAY NEWS AFRICA

According to Emiefele, the Nigerian economy is on a healthy trajectory with an inflation rate at about 11 percent and with increased foreign reserves.

To Udoma, the economy is healthy and growing, however it will take time for momentum to build up.

This article would be expanded.

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Simon Ateba
Simon Ateba
Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on simonateba@todaynewsafrica.com

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