The Federal Government has suspended the planned removal of subsidy on petroleum products before the end of President Muhammadu Buhari’s administration.
This was made known by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, while briefing State House correspondents at the end of the NEC meeting presided over by Vice President Yemi Osinbajo, at the Presidential Villa, Abuja.
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 for subsidy till June.
The Minister explained that there was no deadline given for the subsidy removal and that the incoming administration will take a decision on it.
Bola Tinubu, the President-Elect, had vowed to end the petrol subsidy regime on the campaign trail.
Tinubu had declared that money once used for gasoline subsidies will now be used for public health, physical policy, and infrastructure.