THE Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has insisted that fuel subsidy removal is an ongoing process that depends on a combination of factors.
He was responding to comments on a Channels TV interview last night where he responded to a wide range of domestic economic issues.
The fuel subsidy debacle, which had officially been stopped last year, has been a contentious issue for some months as crude oil prices increase and the exchange rate continues to depreciate, leading critics to suggest partial subsidy remains despite talk of a removal.
But responding directly to the question of whether fuel subsidy has been removed or not, Edun said: “The fuel is imported, that means the removal of fuel subsidy is an ongoing conversation, it is an ongoing process of ensuring that fuel subsidy is eliminated from the Nigerian economy. That is what Mr. President’s intent is and that is what is being worked towards.”
He admitted that the removal of fuel subsidy and liberalisation of the naira has led to a spike in prices and inflation, but the Minister insisted that those steps needed to be taken when the present administration came to power.
