FG suspends planned removal of fuel subsidy

The Federal Government has revoked the plan to remove subsidy from Premium Motor Spirit (PMS), better known as petrol by June 2023.

Newsflash Nigeria understands that the President Muhammadu Buhari-led government had severally announced the plan to end subsidy on fuel this year so as to increase its revenue.

However, the Minister of Finance, Budget, and National Planning, Ahmed Zaniab announced the suspension plans to remove fuel subsidy on Thursday, shortly after the National Economic Council, NEC, meeting, chaired by Vice President, Yemi Osinbajo.

She said the NEC, which comprises State Governors deliberated on the issue extensively and came to the conclusion that it will not be wise to remove subsidy as soon as the new administration is trying to settle down to governance.

She also noted that the existing committee that has been discussing the fuel subsidy issue needed to be expanded to enable more input from concerned Nigerians.

She specifically said there needed to be more interface with the Nigeria Labour Congress, NLC, and more engagement with the petroleum marketers’ Association, among others.

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