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Nigeria yet to design framework to aid removal of subsidy—- Finance Minister

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Okey Onyenweaku, Washington D.C, USA

The Minister for Finance, Zainab Shamsuna Ahmed has said that Nigeria was yet to design a framework to help cushion the pains and discomfort that could come with removal of subsidy.

She reiterated, in the light of the pains that could follow fuel subsidy removal that the current administration of President Muhammad Buhari was not yet considering the removal of fuel subsidy in Nigeria.

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The Minister made this known today while briefing journalists at the end of the 2019 Spring Meetings of the IMF/World Bank in Washington DC, adding that the welfare of the masses remained a priority to the government which would not want to cause further hardship in the country.

According to her, “What we found in Nigeria is that the Environmental and Social Standards (ESS) that they have put in place is causing significant delays in the rollout of infrastructure.

“We understand that it is well intended but we’ve informed them that they need to review how they implement it so that we are not overtly slowed down because of the new proceedings.”

The minister also expressed happiness that the National Sovereign Investment Authority (NSIA) has made progress with investments.

“We have achieved quite a lot of progress by building more of the fund from where we met it and by utilising the savings at the Sovereign Wealth Authority for projects that are physically visible. We still have some movements to go but the movement is a positive one.”

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