The National Economic Council, NEC, has suspended the proposed removal of subsidy on petroleum products by the end of President Muhammadu Buhari’s administration.
This was disclosed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed 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 her, the subsidy removal will likely take effect in June due to the Petroleum Industry Act, PIA and the 2023 budget which provides subsidy till June. Therefore, any delay may require the amendment of the PIA and the budget provision.
She, however, said that there was no deadline given for the subsidy removal and that the incoming administration will take the decision on when to do that.
More details shortly.
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