JUST IN: FG Suspends Planned Removal Of Fuel Subsidy

FG has suspended its planned removal of fuel subsidy.

Glamtush reports that the National Economic Council (NEC) on Thursday suspended the planned removal of subsidy on petroleum products by the end of President Muhammadu Buhari’s administration.

The Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed disclosed, this while briefing State House correspondents at the end of the NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

According to the minister, the NEC concluded in its meeting that it is not a favourable time for the action.

She said, “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.

“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.