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Tuesday, June 18, 2024

NEC asks FG to suspend proposed June subsidy removal

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The National Economic Council (NEC), on Thursday, in Abuja, asked the Federal Government to suspend the June deadline for petroleum subsidy removal.

The development has left the Federal Government to consider supplementary budget pending the review of existing plans to provide palliatives for Nigerians.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to State House correspondents shortly after the valedictory NEC meeting presided over by Vice President Yemi Osinbajo at the Council Chambers of the Presidential Villa, Abuja, PUNCH reports.

She said, “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 these preparatory works have to be done in consultation with the states and other key stakeholders including representatives of the incoming administration.

The council said the Federal Government would broaden consultations with state governments and other key stakeholders such as labour unions, petroleum marketers, the Ministry of Finance, Nigerian Upstream Petroleum Regulatory Commission and representatives of incoming administration.

This ‘expanded committee’ would “determine if the removal can be done by June as planned,” it said.

She said there might be a need to send a supplementary budget to the National Assembly if the incoming administration aligned with the decision to extend subsidy removal.

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