Petrol subsidy continues till June 2022 – Finance Minister

There is no plan to end petrol subsidy for now, the Federal Government said yesterday.

Finance, Budget and National Planning Minister Mrs. Zainab Ahmed said provision has been made for the first six months of next year.

She explained that subsidy payment would stop since complete deregulation of the downstream oil and gas sector will start by July 2022.

The minister stated this at a panel session during the 27th Nigerian Economic Summit (NES#27) in Abuja on Monday.

“In the 2022 budget, we only factored in subsidy for the first half of the year; the second half of the year, we are looking at complete deregulation of the sector, saving foreign exchange and potentially earning more from the oil and gas industry,“ Mrs Ahmed said.