The anticipated removal of the subsidy on petroleum products by the end of President Muhammadu Buhari’s administration has been put on hold by the National Economic Council, 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, Ms. Zainab Ahmed, made this announcement while briefing State House reporters.
Because the Petroleum Industry Act, or PIA, and the 2023 budget provision stipulated for the elimination of the subsidy to take effect in June, she noted, 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.
