On Thursday in Abuja, the National Economic Council revealed that the previously planned petrol subsidy removal for June 2023 will not go ahead as scheduled. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, shared this information with State House correspondents following the Council meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa.
Ahmed stated that the Council agreed on the necessity for further discussions and preparatory work involving the federal government, states, and representatives of the incoming administration. She emphasized that although the fuel subsidy must eventually be removed due to its unsustainability, the government must plan and implement alternatives to minimize the impact on ordinary Nigerians.
The minister added that the federal government will collaborate with state representatives between now and June 2023 to develop a plan for the subsidy’s eventual removal. Ahmed also reminded attendees that the 2023 budget contains a provision for the fuel subsidy only until June 2023 and that the Petroleum Industry Act mandates petroleum product deregulation 18 months after the PMS removal’s effective date, which is also June 2023.
