The Presidency says it is not ready to remove subsidy from the price of petrol for now as suggested by the International Monetary Fund (IMF).
Finance Minister, Zainab Ahmed, made the clarification, amidst outcry that greeted the IMF prescription and its approval by the presidency.
Zainab who led Nigeria’s delegation to the just concluded IMF/World Bank Spring Meeting in Washington DC, explains that removal of fuel subsidy is one the general policies of IMF.
She says Nigeria agreed with IMF that fund saved from the petrol subsidy could be used to execute critical development project.
The Minister, however says that Nigeria will sustain the petrol subsidy until it put in place a safety net to cushion the harsh effects of the subsidy removal.
The Organized Labour had asked the presidency to ignore calls by IMF, while the Organized Private Sector endorsed it.