The federal government says it is yet to devise a workable formula for the removal of fuel subsidy.
Speaking at the federal executive council meeting, Zainab Ahmed, minister of finance, said removal of subsidy would have negative effect on vulnerable Nigerians.
Christine Lagarde, managing director of the International Monetary Fund (IMF), had advised Nigeria and other countries to remove fuel subsidy, saying the money spent on subsidy can be redirected to health and education.
Four days after making the suggestion, Ibe Kachikwu, minister of state for petroleum resources, said the landing cost of petrol is now N180 per litre, with the federal government spending N1.86bn on subsidy daily.
Ahmed explained that while the country appreciates the advice of the IMF, what works for others may not be operable within Nigeria’s context, describing the country as unique.
She said the government is still considering various options and until a decision is reached, no action will be taken.