Confab Agrees On 3-Year Exit Plan On Subsidy Removal

Confab Agrees On 3-Year Exit Plan On Subsidy Removal

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Oil, President Donald Trump, Fiona Cincotta

The controversy that trailed the motion for the removal of fuel subsidy at the on-going national conference has finally rested after members through a majority vote agreed on a 3 year exit plan.

File Photo: Delegates at the National Conference, Abuja in 2014
File Photo: Delegates at the National Conference, Abuja in 2014

This came following recommendations by the Standing Committee on Public Finance and Revenue demanding the complete removal of fuel subsidy that caused uproar by delegates at conference.

It has been finally resolved through a majority vote by members who agreed to removal over a period of three years.

The motion moved by Mr. Dan Nwanyanwu on behalf of 23 other delegates as co-sponsors was agreed that removal of subsidy on petroleum products will take place within the next three years after fulfilling of certain conditions, which includes that the federal government builds new refineries and repair existing ones to full capacity utilization; that private sector investors who have been granted licenses to build new refineries shall, within a period of three years from date, build them or automatically forfeit the licenses; and that upon fulfilment of these conditions, the government shall be free to remove any existing subsidy on petroleum products.

The Conference also resolved that two Accountant Generals, one for the Federation and another for the Federal Government be appointed henceforth subject to the approval of the Senate, for a single term of six years.

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