The National Economic Council (NEC) on Thursday put on hold the planned subsidy removal by the Federal Government.
This was announced by the Minister of Budget and National Planning, Zainab Ahmed at the NEC meeting held at the presidential villa.
The meeting was presided over by the president Muhammadu Buhari and vice president, Prof Yemi Osinbajo.
According to Ahmed, the reason behind the suspension is to enable the coming administration settle into governance before the removal.
She also noted that there was a need to have extensive discussion concerning the subsidy removal with the Nigeria Labour Congress(NLC), the petroleum marketers’ association, among others.
However, the minister assured that all effort are being made towards removal as the policy is no longer sustainable by the government.
Recall that the federal government had earlier announced that the petroleum subsidy would be removed by June 2023.
