The National Economic Council (NEC) has halted the scheduled removal of fuel and other petroleum product subsidies by the end of President Muhammadu Buhari’s term.
Minister of Finance, Budget, and National Planning Zainab Ahmed disclosed this to State House correspondents at the conclusion of the NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa in Abuja.
The Petroleum Industry Act, PIA, and the 2023 budget provided subsidies until June, so any delay could necessitate a change to the PIA and budget provision.
She stated, however, that there was no deadline for the subsidy removal and that the incoming administration would determine when it would be feasible to do so.
Details to follow…