The Federal Government has asked the International Monetary Fund (IMF) to help design a clear and fair system for adjusting fuel prices in Nigeria.
The Permanent Secretary of the Ministry of Petroleum Resources, Dr. Emeka Vitalis Obi, said this in Abuja during a meeting with officials from the IMF and Nigeria’s oil regulators — NUPRC and NMDPRA.
He said the new plan will help protect the economy from sudden fuel price changes and make sure government spending remains stable and transparent.
Dr. Obi explained that removing the fuel subsidy was necessary to keep the country’s finances stable and to focus public funds on roads, social services, and clean energy projects.
He also mentioned ongoing projects like the Nigeria Gas Flare Commercialisation Programme (NGFCP), which aims to stop gas flaring and promote the use of gas for power, fertilizer, and transport.
IMF representative Mr. Diego Mesa praised Nigeria for its efforts and said the IMF team is working with the government on policies that support economic growth, reduce pollution, and make the energy sector more sustainable.
Officials from NUPRC and NMDPRA also promised to keep working to end gas flaring and ensure fair prices for both investors and consumers.
