By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AIT LIVE
  • Live TV
  • Nigeria Votes 2023
  • Politics
  • Business
  • Sports
  • Videos
  • Entertainment
  • Global
Aa
Aa
AIT LIVE
Search
  • Live TV
  • Nigeria Votes 2023
  • Politics
  • Business
  • Sports
  • Videos
  • Entertainment
  • Global
Have an existing account? Sign In
Follow US
Economy

NEC Contemplates On deadline for Fuel Subsidy removal

Last updated: 2023/04/27 at 5:23 PM
1 month ago BY CHUKWUEMEKA AGOAIWIKE
Share
2 Min Read
economic

The National Economic Council (NEC) has agreed that the timing for the removal of subsidy should not be now but that 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, disclosed this on Thursday while briefing State House correspondents after the council meeting chaired by Vice President Yemi Osinbajo.

She said “council agreed that the fuel subsidy must be removed earlier rather than later because it is not sustainable. We cannot afford it anymore. 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.

MUST READ: Nigerians react to the Suspension of fuel subsidy removal

“So, we will be working together with representatives of the state, we will have a plan that we will start working on putting the building blocks towards the eventual removal of the fuel subsidy.

“If I May remind the forum, that the budget for 2023 has provision for subsidy only up to June 2023 and also the Petroleum Industry Act (PIA) has a provision that requires that all petroleum products must be deregulated 18 months after the effective date of the PMs removal and that period is also up to June 2023.”

(Editor: Hadiza.A.A)

Share this Article
Facebook Twitter Whatsapp Whatsapp Email Print

Trending

aitlive 1 19 1
Nigeria Air: MD Confirms Unveiled Aircraft Was Hired Ethiopia Flight
Local
LABOUR PARTY
Breaking: LP And Presidential Candidate, Peter Obi, Get Court Permission To Inspect Forensic Materials
2023 Elections
aitlive 1 30
Labour Party Pulls Out of Presidential Election Results Collation
2023 Elections Headlines
aitlive 6
Presidential Election Petition : Court Of Appeal Grants PDP, LP Request To Interrogate INEC On Election
Headlines
aitlive 1 26
CBN directs Commercial Banks to dispense and receive old Naira notes
Headlines

Section

  • Headlines
  • Local
  • Business
  • Politics
  • Sports
  • Crime
  • Education
  • Health
  • Entertainment

Programmes

  • Kakaaki
  • Focus Nigeria
  • Democracy Today
  • People Politics and Power
  • News Hour
  • AIT Reports
  • World News
  • Moneyline With Nancy
  • Jigsaw
Follow US

© AIT.LIVE. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?