Abuja – The National Economic Council (NEC) on Thursday said it is no longer feasible to commence gradual removal fuel subsidy by June this year as earlier planned.
The NEC took the decision at its meeting in Abuja presided over by its Chairman, Vice President Yemi Osinbajo.
It said the timing of the removal of petrol subsidy should not be in June again, saying that instead, 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, who announced the decision said the “council agreed that the fuel subsidy must be removed earlier rather than later because it is not sustainable.”
She said the subsidy removal had to be done in such a way that the impact, as much as possible “is mitigated on the lives of ordinary Nigerians”.
The organised labour has repeatedly kicked against the subsidy removal and vowed to frustrate the plan.
The workers unions have stuck to their position despite the recent $800 million grant from the World Bank as part of the subsidy palliatives measures. (vitalnewsngr.com)
