The National Economic Council (NEC) has suspended the planned removal of subsidy on petroleum products by June 2023.
The Minister of Finance, Budget, and National Planning, Zainab Ahmed disclosed, this while briefing State House correspondents at the end of the NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
According to the Minister of Finance, Budget, and National Planning, Zainab Ahmed, NEC concluded in its meeting that it is not a favourable time for the action.
She stated that the Council deliberated on the matter and resolved that it cannot be removed for now, but it equally agreed on the need to continue the discussion on the matter and the necessary preparatory work in conjunction with states and representatives of the incoming administration.
“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.”