Friday, December 3rd, 2021

Petrol subsidy removal, Senate disagrees with FG over N5,000 transport grant, NLC, TUC threaten showdown.

Petrol subsidy removal, Senate disagrees with FG over N5,000 transport grant, NLC, TUC threaten showdown.

Nigerians are still suffering from fuel subsidy, as the Senate, Trade Union Congress and experts disagreed with the Federal Government’s plan to remove fuel subsidy next year. The Senate yesterday also disagreed with the Federal Government plan to grant 40 million Nigerians with N5.000 transport to cushion the effect of fuel subsidy removal. During the

Nigerians are still suffering from fuel subsidy, as the Senate, Trade Union Congress and experts disagreed with the Federal Government’s plan to remove fuel subsidy next year. The Senate yesterday also disagreed with the Federal Government plan to grant 40 million Nigerians with N5.000 transport to cushion the effect of fuel subsidy removal.

During the four years, the FG spent N2.93 trillion on fuel subsidies as follows: 2016 – N563.3 billion; 2017 – N144.53 billion; 2018 –   N730 billion and 2019 – N1.5 trillion.

However, Minister of Finance, Zainab Ahmed, said yesterday that the Federal Government has not concluded work on the proposed N5,000 transport grant, adding that the duration for the implementation will not exceed one year.

After the submission of its committee budget proposal, the Chairman of the Senate Committee on Finance, Senator Olamilekan Adeola, said that there was no provision for N5,000 monthly grant for 5,000 monthly grants for 40 million Nigerians for transportation allowance in the 2022 budget currently before the National Assembly.

According to Senator Olamilekan Adeola, according to him, before the Executive can embark on such intervention, the proposal must come to National Assembly because it is going to cost N2.4 trillion.

“What are the criteria that would be used to determine beneficiaries of the transportation allowance?”, he inquired

The NNPC boss revealed that subsidy on petrol would end in February and the price jerked up to N340/liter, findings showed that Nigerians would spend about N18.7bn daily for the over 55 million liters of petrol consumed each day across the country.

We hope the Federal Government gets a quick solution to resolve fuel subsidy in Nigeria.

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