The National Economic Council (NEC) on Thursday suspended the planned removal of subsidy on petroleum products by the end of President Muhammadu Buhari’s administration.
PulseNets reports that the Minister of Finance, Budget and National Planning, Zainab Ahmed disclosed this while briefing State House reporters at the end of the NEC meeting presided over by Vice President Prof. Yemi Osinbajo at the Presidential Villa, Abuja.
According to her, 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 of Bola Tinubu will take decision on when possible to do that.
More to come…
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