The National Economic Council (NEC) announced on Thursday in Abuja that it has decided to delay the removal of petrol subsidy which was earlier planned for June 2023.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known to State House correspondents after the valedictory Council meeting, presided over by Vice President Yemi Osinbajo, at the Council Chambers of the Presidential Villa.
Ahmed said the council agreed on the need for continued discussions on the issue, adding that the federal government, states and representatives of the incoming administration require more preparatory work before removing the subsidy.
She also stressed that the removal of fuel subsidy is necessary as the government cannot afford it anymore.
However, she emphasized the need to mitigate the impact on ordinary Nigerians.
The minister added that the FG will work together with representatives of the states between now and June 2023 to plan for alternatives to the fuel subsidy and put them in place.
She also reminded the forum that the budget for 2023 has a provision for fuel subsidy only up to June 2023 and the Petroleum Industry Act requires the deregulation of all petroleum products 18 months after the effective date of the PMS removal, which is also up to June 2023.
