NEC Suspends Fuel Subsidy Removal, FG Plans Supplementary Budget
PMB
By Our Correspondent
The National Economic Council has called on the federal government to suspend the fuel subsidy removal until a review of the plans to provide palliatives to Nigerians is carried out.
The NEC which met on Thursday in Abuja was of the view that the fuel subsidy should not be removed now, arguing that what government needs to do was to broaden consultations with state governments and other stakeholders.
The stakeholders were identified as as labour unions, petroleum marketers, the Ministry of Finance, Nigerian Upstream Petroleum Regulatory Commission and representatives of the President-elect.
According to NEC, the committee should determine whether it is appropriate to remove the subsidy in June, according to the Minister of Finance, Budget and National Planning, Zainab Ahmed, who spoke to newsmen in Abuja.
Ahmed said there is the possibility of sending a supplementary budget to the National Assembly should the incoming administration support the idea to put fuel subsidy removal on hold.
The Minister was quoted saying, “Council agreed that the timing of the removal of fuel subsidy should not be now; but that we should continue with all of the preparatory works that need to be done and these preparatory works have to be done in consultation with the states and other key stakeholders including representatives of the incoming administration.
“Council agreed that the fuel subsidy must be removed earlier rather than later because it is not sustainable. We cannot afford it anymore. But 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 fuel subsidy that needs to be planned for and subsequently put in place. But also, what needs to be done to support the people that will be most affected as a result of the removal.”
It would be recalled that the present administration had planned to remove subsidy in June this year.
The National Economic Council has called on the federal government to suspend the fuel subsidy removal until a review of the plans to provide palliatives to Nigerians is carried out.
The NEC which met on Thursday in Abuja was of the view that the fuel subsidy should not be removed now, arguing that what government needs to do was to broaden consultations with state governments and other stakeholders.
The stakeholders were identified as as labour unions, petroleum marketers, the Ministry of Finance, Nigerian Upstream Petroleum Regulatory Commission and representatives of the President-elect.
According to NEC, the committee should determine whether it is appropriate to remove the subsidy in June, according to the Minister of Finance, Budget and National Planning, Zainab Ahmed, who spoke to newsmen in Abuja.
Ahmed said there is the possibility of sending a supplementary budget to the National Assembly should the incoming administration support the idea to put fuel subsidy removal on hold.
The Minister was quoted saying, “Council agreed that the timing of the removal of fuel subsidy should not be now; but that we should continue with all of the preparatory works that need to be done and these preparatory works have to be done in consultation with the states and other key stakeholders including representatives of the incoming administration.
“Council agreed that the fuel subsidy must be removed earlier rather than later because it is not sustainable. We cannot afford it anymore. But 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 fuel subsidy that needs to be planned for and subsequently put in place. But also, what needs to be done to support the people that will be most affected as a result of the removal.”
It would be recalled that the present administration had planned to remove subsidy in June this year.
FOLLOW US
About Post Author
