{"id":8550,"date":"2019-04-17T17:54:59","date_gmt":"2019-04-17T17:54:59","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=8550"},"modified":"2019-04-17T18:05:02","modified_gmt":"2019-04-17T18:05:02","slug":"subsidy-removal-were-yet-to-find-formula-that-works-%e2%80%95-finance-minister","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/subsidy-removal-were-yet-to-find-formula-that-works-%e2%80%95-finance-minister","title":{"rendered":"Subsidy removal: We\u2019re yet to find formula that works \u2015 Finance Minister"},"content":{"rendered":"
MINISTER of Finance, Hajia\u00a0Zainab Ahmed, on Wednesday said that Nigeria has not found a formula that works, hence, it would not contemplate exiting from the subsidy regime.<\/div>\n
<\/div>\n
\n
The Minister stated this when she briefed State House correspondents after the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.<\/div>\n<\/div>\n
\n
According to her, \u201cWe have not been able to develop an effective formula that will replace the current subsidy regime.<\/div>\n
Until we find a formula that will work for Nigeria, we will not contemplate removing subsidy.<\/div>\n
<\/div>\n
\u2018As you know what works in Ghana and other countries, may not work here.\u201d<\/div>\n
<\/div>\n
The Minister also explained the difference between under recovery and subsidy, stressing that under subsidy regime, money was paid directly to Independent Petroleum Marketers for the importation of fuels, while on under recovery, the Nigeria National Petroleum Corporation, is the sole importer of petroleum products.<\/div>\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

MINISTER of Finance, Hajia\u00a0Zainab Ahmed, on Wednesday said that Nigeria has not found a formula that works, hence, it would not contemplate exiting from the subsidy regime. The Minister stated this when she briefed State House correspondents after the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential […]<\/p>\n","protected":false},"author":62,"featured_media":8194,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[106,565,351],"class_list":["post-8550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-economy","tag-fuel-subsidy","tag-petroleum"],"yoast_head":"\nSubsidy removal: We\u2019re yet to find formula that works \u2015 Finance Minister - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/subsidy-removal-were-yet-to-find-formula-that-works-\u2015-finance-minister\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Subsidy removal: We\u2019re yet to find formula that works \u2015 Finance Minister\" \/>\n<meta property=\"og:description\" content=\"MINISTER of Finance, Hajia\u00a0Zainab Ahmed, on Wednesday said that Nigeria has not found a formula that works, hence, it would not contemplate exiting from the subsidy regime. 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