On Thursday in Abuja, the National Economic Council requested that the Federal Government postpone the June deadline for the elimination of fuel subsidies while it reviews current plans to provide palliative care for Nigerians.
The council claimed that the Federal Government would broaden consultations with state governments and other important stakeholders, such as labor unions, petroleum marketers, the Ministry of Finance, the Nigerian Upstream Petroleum Regulatory Commission, and representatives of the incoming administration, while still arguing that the gasoline subsidy should not be eliminated at this time.
The removal will be “assessed to see if it can be completed by June as planned,” according to this “expanded committee,” it stated.
This was revealed to State House reporters by Minister of Finance, Budget, and National Planning Zainab Ahmed shortly after the final NEC meeting, which was presided over by Vice President Yemi Osinbajo and held in the Council Chambers of the Presidential Villa in Abuja.
If the new administration agreed with the decision to extend subsidy elimination, she suggested it might be necessary to propose a supplemental budget to the National Assembly.
However, Ahmed claims that the Council has decided that the subsidy must be “removed now, rather than later,” as the country can no longer afford it.