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JUSTIN: NEC Suspends Subsidy Removal



The National Economic Council, NEC, has put on hold its proposal to remove subsidies for petroleum products before the conclusion of President Muhammadu Buhari’s term in office.

Following the NEC meeting at the Presidential Villa in Abuja, presided over by Vice President Yemi Osinbajo, the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, informed State House reporters of this information.

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She noted that since the Petroleum Industry Act (PIA), the budget provision for 2023, and the PIA had all allowed for the elimination of the subsidy to take effect in June, any delay might necessitate amending 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.

Details later…

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