The National Economic Council, on Thursday, in Abuja, said it has agreed that petrol subsidy should “not be removed” as earlier planned for June 2023.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this to State House correspondents shortly after the valedictory Council meeting presided over by Vice President Yemi Osinbajo at the Council Chambers of the Presidential Villa, Abuja.

Ahmed said the Council agreed on the need for continued discussions on the issue adding that the FG, together with states and representatives of the incoming administration, require more preparatory work.

She said, “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 that this preparatory has 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.”

Ahmed added that the FG will be working together with representatives of the states between now and June 2023.


“We have a plan that we will start working on, putting the building blocks towards the eventual removal of the first subsidy.

“And if I may remind this forum that the budget for 2023 has a provision for fuel subsidy only up to June 2023 and also the Petroleum Industry Act has a provision that requires that all petroleum products must be deregulated 18 months after the effective date of the PMS removal and that that period is also up to June 2020,” the minister explained.


https://punchng.com/breaking-fg-suspends-fuel-subsidy-removal/?amp

Then what about the increments in salary, are they also going to put it on hold ?

That's the best idea.
Increasing salary was never the solution cos the angry people that will set the fuel stations on fire are jobless

Dangote will be the biggest beneficiary should subsidy persist. Through his refinery coming into full operation with the combined capacity to refine some over 60% of product for local consumption, the FG will be paying directly into the coffers of the company from public pocket. When these monies spent on subsidies can be utilized in other underfunded sectors such as security, education, healthcare and power.

Go and ask your Amadioha and stop wandering around here on nairaland

helinues:
Then what about the increments in salary, are they also going to put it on hold ?

Ihateheadslamer:
Go and ask your Amadioha and stop wandering around here on nairaland

Who is this? Hope you have not slammed your head on something concrete

Bobloco:




The National Economic Council, on Thursday, in Abuja, said it has agreed that petrol subsidy should “not be removed” as earlier planned for June 2023.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this to State House correspondents shortly after the valedictory Council meeting presided over by Vice President Yemi Osinbajo at the Council Chambers of the Presidential Villa, Abuja.

Ahmed said the Council agreed on the need for continued discussions on the issue adding that the FG, together with states and representatives of the incoming administration, require more preparatory work.

She said, “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 that this preparatory has 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.”

Ahmed added that the FG will be working together with representatives of the states between now and June 2023.


“We have a plan that we will start working on, putting the building blocks towards the eventual removal of the first subsidy.

“And if I may remind this forum that the budget for 2023 has a provision for fuel subsidy only up to June 2023 and also the Petroleum Industry Act has a provision that requires that all petroleum products must be deregulated 18 months after the effective date of the PMS removal and that that period is also up to June 2020,” the minister explained.


https://punchng.com/breaking-fg-suspends-fuel-subsidy-removal/?amp

As if we were prepared for the new subsidy regime

Postponing the inevitable.

Subsidy must go for the Nigerian economy to have a remote chance to prosper.

The current FG is just out to continue to perpetuate the subsidy fraud simple. Otherwise, why are they postponing the evil days?

The government has just

1.Made our debt situation worse

2.Made it impossible for new investment for refineries

3.Made it possible for smugglers of fuel to keep on smuggling

4.Made it possible for us to keep on losing billions of dollars for nothing.

And people wonder why I don't back APC? Useless economic decisions like this.

Keep on postponing the inevitable. It will bite us well well well

Bad people.
The want another government to do it.
A Really terrible lot they are.

Buhari don dodge bullet

After collecting billions in loans to cushion the effect of subsidy removal, they turn around to suspend it.

YouandiAllofus:
Dangote will be the biggest beneficiary should subsidy persist. Through his refinery coming into full operation with the combined capacity to refine some over 60% of product for local consumption, the FG will be paying directly into the coffers of the company from public pocket. When these monies spent on subsidies can be utilized in other underfunded sectors such as security, education, healthcare and power.

Subsidy is paid to marketers not refineries

I said it, if they dare remove subsidy Igbos will take over fuel marketing business completely, whether importation or through Dangote refinery

We already knew that those benefiting from the old order would not give in so cheaply like that. Kwaraption is an institution on its own in Nigeria

MXrep:

Subsidy is paid to marketers not refineries

From where does the marketer gets its supplies

After collecting $800 million to loot as severance package, all in the name of subsidy.

Nigeria is a crime scene!

Tired of Nigeria

Until when, let's face the challenge once n for all.

Buhari government is far more corrupt that Jonathan government.

They dragged this issue of subsidy and now saying they’re not removing it so they can pass the problem to the incoming administration after all dem Buhari people have looted. Chai!

I really pity the incoming. I truly hope he’s bold enough to take necessary steps to write all the evil that Buhari has written. And if he wants to be unfortunate to tow his part too, make we dey look.