NEC suspends removal of oil subsidy
NATIONAL Economic Council (NEC) has suspended the planned removal of subsidy on petroleum products by the end of President Muhammadu Buhari’s administration, saying that it is not a favourable time for the action.
Minister of Finance, Budget, and National Planning, Zainab Ahmed, who disclosed this on Thursday, while briefing newsmen at the end of the NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja, said that the council deliberated on the matter and resolved that it cannot be removed for now.
She added that the existing committee that has been discussing the fuel subsidy issue needed to be expanded to enable more input from concerned Nigerians.
“There needed to be more interface with the Nigeria Labour Congress (NLC) and more engagement with the petroleum marketers’ association, among others.”
Ahmed said the council 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.