NLC, TUC PLEASED WITH FG’S SUSPENSION OF SUBSIDY REMOVAL
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The Nigeria Labour Congress and Trade Union Congress have reacted to the suspension of the planned removal on petroleum subsidy by the end of May by President Muhammadu Buhari’s administration.
The National Economic Council (NEC) yesterday disclosed the suspension resulting elicited positive reactions from NLC and TUC, who have both been opposed to the removal.
The NLC asserted that now is an appropriate time to determine the nation’s refining capability, while the TUC applauded the suspension.
Recall that the Federal government had announced the removal of the petrol subsidy at the end of May, to be carried out by the next administration.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed disclosed this while briefing State House correspondents at the end of the NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
The Centre for the Promotion of Private enterprise, CPPE, asked the Federal Government to leave the removal of petrol subsidy to the incoming government.
But when discussing the suspension, the finance minister said that because the Petroleum Industry Act (PIA), the budget for 2023, and the budget provision all provided for subsidies to last until June, any delay might necessitate amending the PIA and the budget provision.
Ahmed explained that although the removal of fuel subsidy was imminent, the council decided that the timing for the removal of subsidy should not be now.
She explained that the council decided that the Federal Government should continue with all of the preparatory works that needed to be done and that this preparatory work had to be done in consultation with states and other key stakeholders, including representatives of the incoming administration.
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