• Wednesday, February 28, 2024
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NEC suspends fuel subsidy removal indefinitely

Fuel subsidy removal: Nigeria’s painful path to economic revival

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

Zainab Ahmed, minister of finance, budget , and national planning, made this known on Thursday 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.

“The Council deliberated on the matter and resolved that it cannot be removed for now, but it equally agreed on the need to continue the discussion on the matter and the necessary preparatory work in conjunction with states and representatives of the incoming administration,” she said.