FG suspends fuel subsidy removal

The National Economic Council (NEC) has suspended plans to remove fuel subsidy by June 2023.

The Minister of Finance, Budget and National Planning, Zaniab Ahmed, revealed this on Thursday, April 27, 2023 following the NEC meeting, that was chaired by the Vice President, Yemi Osinbajo.

Ahmed stated that the NEC, which includes State Governors deliberated on the issue extensively and came to an agreement that the removal of fuel subsidy as soon as the new administration is trying to settle down to governance will not be a wise decision.

She added that the current committee that has been delivering on the fuel subsidy issue needed to be expanded to enable more input from concerned Nigerians.

She emphasized the need for more interface with the Nigeria Labour Congress, NLC, and more engagement with the petroleum marketers’ association, among others.

Ahmed added that the Council agreed that the fuel subsidy must be removed earlier rather than later because it was not sustainable. “We cannot afford it anymore. But we have to do it in such a way that the impact of the subsidy is as much as possible, mitigated on the lives of ordinary Nigerians,” she stated.