The Federal Government has suspended the planned removal of the fuel subsidy scheduled for June 2023.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made the disclosure while speaking with State House correspondents shortly after the valedictory National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo at the presidential Villa in Abuja on Thursday, April 27.
Ahmed said the council agreed that the petrol subsidy should not be removed in June 2023.
“The council agreed that the timing of the removal of fuel subsidy should not be now. But that we should continue with all of the preparatory works that need to be done and that this preparatory has to be done in consultation with the states and other key stakeholders including representatives of the incoming administration.
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“Council agreed that the fuel subsidy must be removed earlier rather than later because it is 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.
“So, this will require looking at alternatives to the fuel subsidy that needs to be planned for and subsequently put in place. But also what needs to be done to support the people that will be most affected as a result of the removal,” the minister stated.
Shed added that the Federal Government will continue to work together with representatives of the states between now and June 2023.
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