The anticipated elimination of the subsidy on petroleum products by the conclusion of President Muhammadu Buhari’s administration has been put on hold by the National Economic Council, or NEC.
At the conclusion of the NEC meeting at the Presidential Villa in Abuja, which was presided over by Vice President Yemi Osinbajo, Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, made this announcement while briefing State House reporters.
She explained that the removal of the subsidy will likely take effect in June because the Petroleum Industry Act, PIA and the 2023 budget provided subsidy till June, hence any delay may require the amendment of 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.
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