Federal Government to begin removal of fuel subsidy in January

President Goodluck Jonathan on Tuesday conveyed to the National Assembly the intention of his government to begin the removal of fuel subsidy next year. Jonathan told the National Assembly in a letter conveying his administration’s Medium Term Expenditure Framework and a N4.8tn budget for the 2012 fiscal year. “A major component of the policy of fiscal consolidation is government’s intention to phase out the fuel subsidy, beginning from the 2012 fiscal year. “This will free up about N1.2 tn in savings, part of which can be deployed into providing safety nets for poor segments of the society to ameliorate the effects of the subsidy removal,” Jonathan writes in the covering letter for the budget.

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