The National Economic Council (NEC) has agreed that the plan to remove petrol subsidy should not be executed yet.

It however said all preparatory plans with various segment of government, including States and the incoming administration should be intensified.

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who disclosed these to journalists after the Valedictory NEC meeting presided over by Vice President Yemi Osinbajo, at the Presidential Villa, Abuja, however added that Council agreed that the subsidy regime must be removed eventually as it is not sustainable.

“Today I was in the National Economic Council, where we discussed the issue of post-subsidy removal. Council agreed that the timing for the removal of subsidy should not be now, but that we should continue with all of the preparation works that needs to be done and that this preparation work has to be done in consultation with the states and other key stakeholders, including representatives of the incoming administration.

“Council agreed that the first subsidy must be removed earlier rather than later because it is not sustainable. We cannot afford it anymore. We have to do it in such a way that the impact of the subsidy is as much as possible, mitigated on the lives of ordinary Nigerians.

“So, this will require looking at alternatives to the post subsidy that needs to be planned for and subsequently put in place but also what needs to be done to support the people that would be most affected as a result of the removal.

“So, we will be working together with representatives of the States. We will have a plan that we will start working on putting the building blocks towards the eventual removal of the fuel subsidy.

“If I May remind the forum, that the budget for 2023 has provision for subsidy only up to June 2023 and also the Petroleum Industry Act (PIA) has a provision that requires that all petroleum products must be deregulated 18 months after the effective date of the PMs removal and that period is also up to June 2023," she explained.

001Lagos:
Bola Tinubu already said that nobody can stop him from removing subsidy so NEC aren't serious people

Nigerians don't know what they've gotten themselves into by voting a dictator and highly corrupt man like Tinubu

malcom1X:


My question is the protest coming up, what will they be protesting against?
No be them vote am in?
That's where they'll realize their mistakes.

TheRareGem1:
Subsidy should be removed please. Let the money be out into good use for the betterment of the people

001Lagos:
Bola Tinubu already said that nobody can stop him from removing subsidy so NEC aren't serious people

Nigerians don't know what they've gotten themselves into by voting a dictator and highly corrupt man like Tinubu

Anybody wey wan sell him papa house or land in Lagos when hunger starts hitting you up due to harsh effect of subsidy removal should Sha let us know

blacknp:
Only poor lazy minded people will still be supporting subsidy on petroleum products.

001Lagos:
I hope you will say the same by the time the effects of subsidy removal starts hitting you hard ?

suxkill:
If they like make the remove subsidy.

Once the remove it and petrol becomes 500/liter, I'll increase the price of my gala hulking business and every Igbo, Hausa and Yoruba must patronize me in my 2 by 2 shop.

TheRareGem1:
Subsidy should be removed please. Let the money be out into good use for the betterment of the people

TheRareGem1:
Subsidy should be removed please. Let the money be out into good use for the betterment of the people

001Lagos:
Bola Tinubu already said that nobody can stop him from removing subsidy so NEC aren't serious people

Nigerians don't know what they've gotten themselves into by voting a dictator and highly corrupt man like Tinubu

Anybody wey wan sell him papa house or land in Lagos when hunger starts hitting you up due to harsh effect of subsidy removal should Sha let us know

Gbadoboy:
This is not the issue now. The issue is punishing the Ibos for not voting Tinubu.