Nigeria's National Economic Council Suspends Removal of Petroleum Subsidy Until Further Notice

Nigeria's National Economic Council (NEC) has suspended the removal of subsidy on petroleum products until further notice. The decision was made at a meeting presided over by Vice President Yemi Osinbajo.

The Finance, Budget, and National Planning Minister, Zainab Ahmed, stated that the council had discussed it and concluded that the time is not appropriate to remove the subsidy. The NEC pointed out the need for further discussions and preparatory work with the incoming administration and state representatives.

• Update: Nigerian government has denied reports that it has suspended plans to remove petroleum subsidy by June 2023