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.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, made this known when was addressing the State House Correspondents at the end of the NEC, meeting presided over by Vice President, Yemi Osinbajo at the Presidential Villa, Abuja.
Ahmed said the removal of the subsidy would likely take effect in June because the Petroleum Industry Act, PIA, and the 2023 budget provided subsidy till June, adding that any delay may require the amendment of the PIA and the budget provision.
According to her, there was no deadline given for the subsidy removal and that the incoming administration would take decision on when possible to do that.
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