Remove oil subsidy now, World Bank tells Buhari

By Henry Umoru, Emma Ovuakporie, Michael Eboh, Joseph Erunke, Johnbosco Agbakwuru & Grace Udofia
ABUJA—Against the backdrop of the current fuel crisis across the country showing no sign of abating, the World Bank, yesterday, told President Muhammadu Buhari that the time to remove petroleum subsidy is now.

While the Buhari administration has given hints of its intention to remove fuel subsidy, many Nigerians, including the organised labour, have rejected the plan. But in what appears to be a prelude to the eventual removal of fuel subsidy, President Buhari made no provision for kerosene subsidy in the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, which he presented to the National Assembly, yesterday.

At Monday’s Federal Executive Council meeting, the Minister of Budget and National Planning, Udoma Udoma, while unveiling the Medium Term Expenditure Framework and the government’s N6 trillion budget proposal for 2016, said the government was seriously weighing the options between removing or retaining fuel subsidy next year.
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