Removal of fuel subsidy suspended

The National Economic Council, (NEC) has suspended the planned removal of subsidy on petroleum products which was initially scheduled for June after the end of President Muhammadu Buhari’s administration.

Briefing State House Correspondents at the end of Thursday’s meeting, which was chaired by Vice-President Yemi Osinbajo, the Minister of Finance, Budget, and National Planning, Zainab Ahmed said the NEC agreed that the proposed time was not favourable for the move.

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There must be continuous engagements and discussion on the issue, and design good preparatory work with the collaboration of State governments and state representatives of the incoming administration, she said.

President Muhammadu Buhari had in October last year assured Nigerians that petrol subsidy would end by 2023, saying it was no longer sustainable in the current fiscal impact.

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While presenting the Proposed 2023 budget to the National Assembly in Abuja, the President said discontinuing the policy was necessary for the country to manage its limited resources, as there would be alternative provisions to curb the effects of the removal.

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