The National Economic Council has suspended the plan to remove petroleum subsidy.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed told journalists shortly after the meeting that the NEC had now suspended the plan to remove fuel subsidy.
The meeting, which was presided over by Vice President Yemi Osinbajo resolved that the removal should not be done now so as not to aggravate the suffering the citizens.
“At the meeting, it was resolved that the plan to remove fuel subsidy be suspended now,” she said.
The outgoing administration had announced that it would remove subsidy on petroleum products and divert such funds to building of infrastructure.
Also in his campaign manifestos, the president-elect, Asiwaju Bola Ahmed Tinubu categorically said that his administration would remove the subsidy if President Muhammadu Buhari would not do so now.
To Tinubu, the money that will be generated from the fuel subsidy removal will augment the Internally Generated Revenue to develop the economy.