Members of the National Economic Council, NEC, attended an important meeting in Abuja on Thursday and they have taken a decisive decision on the planned removal of fuel subsidy.
NEC has taken a decision that the effective date of the removal of subsidy should be postponed indefinitely.
Before the Thursday meeting, it was planned that oil subsidy will end in the country in June 2023.
Team@orientactualmags.com learned the NEC meeting which was presided over by Vice President Yemi Osinbajo and held at the Council Chamber of the Presidential Villa, Abuja, was also attended by state governors including Mallam Abdulrahman Abdulrazaq, Alhaji Yahaya Bello and Mr. Jide Sanwo-Olu.
Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed told State House correspondents shortly after the valedictory Council meeting that the NEC agreed on the need for continued discussions on the issue adding that the Federal Government, state governors and representatives of the incoming administration, would need to tune it up.
The minister however noted that in the 2023 budget, provision was only made for fuel subsidy from January to June 2023.
‘Council agreed that the timing of the removal of fuel subsidy should not be now. But that we should continue with all of the preparatory works that need to be done and that this preparatory has to be done in consultation with the states and other key stakeholders including representatives of the incoming administration.
So, this will require looking at alternatives to the fuel subsidy that needs to be planned for and subsequently put in place. But also what needs to be done to support the people that will be most affected as a result of the removal.
We have a plan that we will start working on, putting the building blocks towards the eventual removal of the first subsidy.
And if I may remind this forum that the budget for 2023 has a provision for fuel subsidy only up to June 2023 and also the Petroleum Industry Act has a provision that requires that all petroleum products must be deregulated 18 months after the effective date of the PMS removal and that that period is also up to June 2020’ she said- Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980. Thank you
