Minister of Finance, Zainab Ahmed on Wednesday said Nigeria’s efforts to exit fuel subsidy regime was being frustrated by absence of an effective formula that works for the country.
The Minister who was speaking after the Federal Executive Council meeting presided over by President Muhammadu Buhari hinted that government can only approve subsidy removal when such formula is developed.
The Minister lamented that the current subsidy regime was benefiting every Nigerian rather that targeting the needy and less privileged group.
This is just as she insists that Nigeria debt to GDP ration which currently stands at 19% of the GDP is not a threat to the economy.
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“ We have not been able to develop an effective formula to that will replace the current subsidy regime. As you know, what works in Ghana and other countries may not work here.
