FG Suspends Petrol Subsidy Removal
The National Economic Council (NEC), presided over by Vice-President Yemi Osinbajo, has agreed that the removal of petrol subsidy should be suspended temporarily.
NEC, however, said all of the preparatory works should continue in consultation with the states and other key stakeholders, including representatives of the incoming administration.
The resolution comes just two months to the scheduled time for the removal of the costly petrol subsidy – also called under-recovery.
Last year, following a N3.35 trillion subsidy budget, the federal government said it would stop under-recovery payments in June 2023.
Speaking at the NEC forum, on Thursday, Zainab Ahmed, minister of finance, budget and national planning, said the proposed removal of subsidy should not be done now.
“What...