AfrOil: Nigeria suspends elimination of fuel subsidies until Buhari’s exit

Nigeria’s National Economic Council (NEC) has determined that the federal government will suspend plans for eliminating the subsidy on domestic fuel prices and not take any further action before the end of President Muhammadu Buhari’s term in late May.

Finance Minister Zainab Ahmed told reporters that the decision to keep subsidies in place for the time being had been made during a valedictory NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa in Abuja. Those attending the meeting also agreed on the need to continue discussions on the matter and carry out the necessary preparations for removal in conjunction with state government and representatives of the incoming administration of President-elect Bola Ahmed Tinubu, she said.

Ahmed went on to say that the federal government was keen to eliminate fuel subsidies earlier rather than later because it was not financially sustainable. Abuja must also make certain it minimises the impact of the change on ordinary Nigerians, she added.