NEC suspends subsidy removal

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.

She explained that the removal of the subsidy will likely take effect 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, said that there was no deadline given for the subsidy removal and that the incoming administration will take decision on when possible to do that.