By John Ikani
The National Economic Council (NEC) has put on hold the planned removal of petroleum subsidy by the end of President Muhammadu Buhari’s administration.
This was made known by the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, while briefing State House correspondents at the end of the NEC meeting held at the Presidential Villa, Abuja.
According to Ahmed, the council arrived at the decision after the meeting presided by Vice President Yemi Osinbajo.
Mrs. Ahmed explained that after deliberations on the matter, the NEC came to a conclusion that it was not an opportune time for the subsidy removal.
She added that the council however agreed to continue discussing the matter and undertake the necessary preparatory work in collaboration with state representatives and the incoming administration.
Subsidies have been a contentious issue in Nigeria for some time, with the Petroleum Industry Act, which President Buhari signed in August 2021, not providing for subsidies.
The current administration had agreed to extend the statutory period for the implementation of the subsidy removal in line with existing laws by 18 months, according to the proposal sent to the National Assembly in January 2022.
Despite the fact that the fuel subsidy was supposed to have been completely eliminated by June, the current administration has determined that it is not yet time to do so.
It is now up to the incoming administration to decide whether or not to remove the fuel subsidy.