The Federal Government has again given a new date for the stoppage of subsidy on petrol.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, gave the new timeline in Abuja on Tuesday.
Ahmed stated this at a panel session during the 27th Nigerian Economic Summit.
She said the complete deregulation of the downstream sector of the oil and gas industry would commence by July 2022.
In this regard, the Federal Government had thus made provisions for subsidy in the 2022 budget up till June next year.
Ahmed said: “In our 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.”
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