BREAKING: FG Announces suspension of planned removal of fuel subsidy

• President Muhammadu Buhari‘s administration has announced the suspension of the planned removal of the fuel subsidy.
• The decision was reached at the valedictory service meeting of the national economic council (NEC) meeting presided over by vice president, Yemi Osinbajo
• Zainab Ahmed, the minister of finance, budget and national planning, announced the suspension while addressing journalists after the meeting

FCT, Abuja – The National Economic Council (NEC) of the federal government has announced the suspension of the planned removal of the petrol subsidy, which was yet to be implemented.

The council added that all preparatory plans with different government segments, including the states and the next administration, should be intensified, The Nation reported.

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The development was disclosed by Zainab Ahmed, the minister of finance, budget and national planning while addressing journalists at the valedictory service of the NEC meeting.

The valedictory NEC meeting was overseen by the vice president, Yemi Osinbajo, at the presidential villa in Abuja on Thursday, April 27.

However, the council disclosed that the regime of the fuel subsidy must, however, come to an end as it is not sustainable.

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The minister’s statement reads in part:

“Today, I was in the National Economic Council, where we discussed the issue of post-subsidy removal. Council agreed that the timing for the removal of subsidy should not be now, but that we should continue with all of the preparation works that needs to be done and that this preparation work has to be done in consultation with the states and other key stakeholders, including representatives of the incoming administration.”

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Recall that the subsidy regime has been said to be ruining the country’s economy as it keeps gulping a larger percentage of the country’s income and budget.

Source: Legit.ng