FG Suspends Removal of Fuel Subsidy

The projected removal of subsidies on petroleum products after the end of President Muhammadu Buhari’s administration has been suspended by the National Economic Council (NEC)

Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, made this announcement while briefing State House reporters after the NEC meeting at the Presidential Villa in Abuja, Thursday, which was presided over by Vice President Yemi Osinbajo

She said because the Petroleum Industry Act, or PIA, and the 2023 budget had previously allowed for the withdrawal of the subsidy that it would probably go into effect in June. As a result, she said any delay might necessitate amending the PIA and the budget provision.

The Minister, however, informed the reporters that there was no deadline given for the subsidy removal and that the incoming administration will decide on when possible to do that.

Recall, the Federal Government a few weeks ago, said it had secured the sum of $800 million from the World Bank, as part of its post-subsidy palliative plans.