April 16, 2024

Buhari’s administration suspends plan to remove petrol subsidy, says incoming President will decide

Oredola Adeola
The Nigerian Government has again suspended the planned removal of petrol subsidy earlier scheduled to be implemented before May 29, 2023, when outgoing President, Muhammadu Buhari will officially end his second tenure.
 Mrs. Zainab Ahmed, Minister of Finance, Budget and National Planning, made this known while briefing State House correspondents at the end of the Valedictory National Economic Council Meeting at the Statehouse on Thursday.
EnergyDay gathered that the NEC meeting was presided over by the outgoing Vice President, Professor Yemi Osinbajo at the Presidential Villa, Abuja.
The Finance Minister, who in March 2023, during a courtesy visit to Voice of Nigeria headquarters in Abuja, revealed that the implementation of the policy was delayed because of the general election and the forthcoming National census, has again explained why the planned removal will be suspended.
According to her, the removal of the subsidy will “likely” take effect in June because the Petroleum Industry Act, PIA, and the 2023 budget provided subsidy till June, hence any delay may require the amendment of the PIA and the budget provision.
Ahmed said that there was no deadline given for the subsidy removal and that the Bola Tinubu’s next administration will decide on appropriate time to do so.