The Federal Government has suspended its plans to remove subsidies on petroleum products by the end of President Muhammadu Buhari’s administration.
The suspension follows the protest by the Independent Petroleum Marketers Association of Nigeria (IPMAN).
IPMAN had maintained that the planned subsidy removal should be suspended because the President Buhari administration did not provide the required factors for subsidy removal.
Minister of Finance, Budget, and National Planning, 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, confirmed the move on Thursday.
According to the minister, the NEC concluded in its meeting that it was not a favorable time for such action.
She stated that the council deliberated on the matter and; resolved that the subsidy could not be; removed for now.
The council equally; agreed on the need to continue the discussion on the matter and; the necessary preparatory work in conjunction with states and representatives of the incoming administration.
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