Finance Minister and Coordinating Minister of the Economy, Wale Edun, has reaffirmed that the federal government has ceased all petrol subsidy payments.
In a media briefing on Thursday in Abuja, Edun emphasized that since President Bola Tinubu’s announcement on May 29, 2023, ending the fuel subsidy regime, there has been no budgetary allocation or off-budget payments for petrol subsidies.
“Mr. President stated clearly on May 29 that the subsidy is gone. It is indeed gone. There is no budget line for subsidy payments, and no payments have been made either from the budget or outside of it,” Edun confirmed.
He explained that the Nigeria National Petroleum Company Limited (NNPCL) is currently managing the impact of exchange rate fluctuations as part of its role in maintaining petrol supply in the local market.
This statement comes amid reports from the Major Energies Marketers Association of Nigeria indicating that the landing cost of Premium Motor Spirit (PMS) was ₦1,117 per litre as of July 16, 2024, based on an exchange rate of ₦1,500 to one US dollar. The federal government has yet to address these claims directly.
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