[BREAKING] FG Suspends Removal of Fuel Subsidy

The anticipated removal of subsidies on petroleum products after the end of President Muhammadu Buhari’s administration has been put on hold by the National Economic Council (NEC)

After the NEC meeting at the Presidential Villa in Abuja, Thursday, 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.

Because the Petroleum Industry Act, or PIA, and the 2023 budget had previously allowed for the withdrawal of the subsidy, she said that it would probably go into effect in June. As a result, any delay might necessitate amending the PIA and the budget provision, Vanguard reported.

The Minister, however, said that there was no deadline given for the subsidy removal and that the incoming administration will decide on when possible to do that.

A few weeks ago, the Federal Government said it had secured the sum of $800 million from the World Bank, as part of its post-subsidy palliative plans.

Should Nigeria forge ahead to remove the subsidy, fuel prices in Nigeria would be sold between N360 and N400 per litre after the removal of the petroleum subsidy by the government.