Payment of Fuel and Electricity Subsidies to End in June - FG
lifeline tariffs and other relief initiatives are sufficient to shield poorer households from rising energy costs
President Muhammadu Buhari
The Federal Government has announced its intention to stop paying fuel and energy subsidies by the middle of this year in order to get the World Bank to approve the $3.4 billion loan offer.
On Sunday, the Nigerian National Resources Charter (NNRC) announced this on its Twitter account.
FG to End Fuel, Electricity Subsidies Mid-2021
The @NigeriaGov has expressed commitment to end both electricity and fuel subsidies by mid-2021. This was revealed by the @IMFLive in a report after the conclusion of its Article IV consultation with Nigeria.@BudgITng@nigeriaeiti
The International Monetary Fund (IMF) and the World Bank imposed terms for the $3.4 billion loan to be approved, including the elimination of gasoline subsidies and an increase in energy tariffs.
According to the NNRC, the federal government has pledged to discourage power subsidies from resurfacing and to completely eradicate energy tariff shortfalls.
According to a study released by the International Monetary Fund after the end of its Article IV consultation with Nigeria, the Bretton Woods institution maintains that lifeline tariffs and other relief initiatives are sufficient to shield poorer households from rising energy costs.
It also emphasised the advantages of increased and more stable supply.
Show Us Some Love By Following, Liking Our Pages and Sharing Our Stories!