The Federal Government of Nigeria has decided to suspend the planned removal of fuel subsidy that was scheduled to take place by June 2023. The Minister of Finance, Budget and National Planning, Ahmed Zaniab, made this announcement on Thursday following a meeting of the National Economic Council (NEC), which was chaired by Vice President Yemi Osinbajo.

During the meeting, the state governors who make up the NEC extensively deliberated on the issue of fuel subsidy removal. They concluded that it would not be wise to implement the policy at this time when the new administration is still trying to settle down and establish governance.

Zaniab also stated that the committee responsible for discussing the fuel subsidy issue needed to be expanded to allow for more input from concerned Nigerians. Specifically, there needed to be more engagement with the Nigeria Labour Congress (NLC) and the petroleum marketers’ association, among others. The aim of these consultations is to ensure that the views and concerns of all stakeholders are considered before any decision on fuel subsidy removal is made.