NEC muses extending the deadline for subsidy removal
Written by Samson Ojeniran on April 27, 2023
The National Economic Council (NEC) has agreed that the timing for the removal of the oil subsidy should not be now but that all of the preparatory works should continue in consultation with the states and other key stakeholders, including representatives of the incoming administration.
Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this on Thursday while briefing State House correspondents after the council meeting chaired by Vice President Yemi Osinbajo.
The minister pointed out that this will require looking at alternatives to the post-subsidy that needs to be planned for and subsequently put in place as well as what needs to be done to support the people that would be most affected as a result of the removal.
She reminded the forum, that the budget for 2023 has a 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.”
