JUST IN: NEC MAKES U-TURN, SUSPENDS PLAN ON REMOVAL OF PETROLEUM SUBSIDY
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By Aishat Momoh. O.
The National Economic Council (NEC) on Thursday, said it has made a u-turn on the planned removal of Petroleum subsidy by the end of President Muhammadu Buhari’s Tenure.
The Minister Finance, Budget, and National Planning, Zainab Ahmed, made the announcement at the end of the meeting which was chaired by Vice President Yemi Osinbajo, at the Presidential Villa in Abuja.
While briefing the State House Correspondents, the minister stated that the NEC concluded during its meeting it is not a favorable time to remove petroleum subsidy.
She added that the Council deliberated on the matter and resolved that it cannot be removed for now, but it equally agreed on the need to continue the discussion on the matter and the necessary preparatory work in conjunction with states and representatives of the incoming administration.
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