Nigeria suspends fuel subsidy removal -Minister

*Mrs. Zainab Ahmed, Minister for Finance, Budget, and National Planning, discloses the National Economic Council has suspended the planned removal of subsidy on petroleum products, as there is a need for more stakeholder engagements on the burning issue in the Nigerian economy

Isola Moses | ConsumerConnect

Citing an unfavourable time to take the much expected action, the National Economic Council (NEC) has suspended the planned  removal of subsidy on petroleum products by the end of President Muhammadu Buhari’s administration in the country.

ConsumerConnect reports Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning,  disclosed this development Thursday, April 27, 2023, while briefing State House correspondents at the end of the NEC meeting.

Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning

Vice-President (Prof.) Yemi Osinbajo presides over the meeting held Thursday in the Presidential Villa, Abuja, FCT.

The Minister disclosed the NEC decided at the meeting that it is not a favourable time for fuel subsidy removal in the economy.

Mrs. Ahmed also noted the Council deliberated on the burning issue, and concluded that subsidy could not be removed on petroleum products for now.

The Federal Government states that the existing Committee that has been discussing the fuel subsidy issue should be enlarged to enable more input from concerned Nigerians.

She said there was a need for more stakeholder engagement with the Nigeria Labour Congress (NLC), as well as the petroleum marketers’ associations, among others.

The Economic Council agreed on the need to continue the discussion on the matter and the necessary preparatory work in conjunction with states and representatives of the incoming administration, Ahmed said.