The National Economic Council, NEC, has suspended the planned removal of subsidy on petroleum products by the end of President Muhammadu Buhari’s administration.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed disclosed this while briefing State House correspondents at the end of the NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
According to the minister, the NEC concluded in its meeting that it is not a favourable time for the action.
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She stated that the Council deliberated on the matter and resolved that it cannot be removed for now, but it equally agreed on the need to continue the discussion on the matter and the necessary preparatory work in conjunction with states and representatives of the incoming administration.
Mrs Zainab Ahmed explained that the planned subsidy removal should be due in June because the Petroleum Industry Act, PIA and the 2023 budget provided subsidy till June, hence any delay may require the amendment of the PIA and the budget provision.
She, however, noted that there was no deadline given for the subsidy removal and that the incoming administration will have to make decision on when it is possible to do so.
