The National Economic Council (NEC) halted the scheduled removal of petroleum subsidy by the conclusion of President Muhammadu Buhari’s government on Thursday.
This was revealed by Zainab Ahmed, Minister of Finance, Budget, and National Planning, while briefing State House media at the end of the NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa in Abuja.
According to the minister, the NEC agreed in its meeting that the timing of the measure is not favorable.
She noted that the Council discussed on the topic and determined that it could not be eliminated for the time being, but it also agreed on the importance of continuing the conversation and the necessary preparation work in collaboration with states and representatives of the new administration.
Ahmed said, “What I said is that it is not going to be removed now; which means it is not going to be removed before the transition is completed. But then we two laws that have inadvertently made the provision that we should exit (subsidy) by June.
“So, if the committee’s work, which will include the representatives of the incoming administration determine that the removal can be done by June, then the work plan would be designed to exit as at June.
“But if the determination is that the period needs to be extended, it will mean that, as a country, we will have to revisit the Appropriation Act because the 2023 Budget only made provision up to June.
“So, if we are extending beyond June, it means we have to revisit the Appropriation Act and do a Supplementary or amend the bill and also the PIA.”
