The planned removal of petroleum subsidy by the end of President Muhammadu Buhari’s tenure has been put on hold by the National Economic Council (NEC), as announced by the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed. The decision was reached during the NEC meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
The minister explained that the Council had deliberated on the matter and concluded that it was not a favourable time for the action. The suspension does not indicate a cancellation of the subsidy removal plan but rather a postponement until a more convenient time.
The Council also agreed to continue discussions on the matter and the necessary preparatory work in collaboration with states and representatives of the incoming administration. The statement implies that the removal of petroleum subsidy remains a possibility, but the timing would be reconsidered.
More details later….