The Federal Government has suspended the planned petrol subsidy removal.
Both the Minister of State for Petroleum, Timipre Silva and the Minister of Finance, Budget and National Planning, Zainab Ahmed made the disclosure at a session with the leadership of the Senate, on Monday.
It would be recalled that the ad-hoc committee of the National Economic Council (NEC) had recently recommended that the planned subsidy removal should take effect from next month.
The price of petrol was expected to increase from N165 per litre to N302 following the recommendation.
The Nigerian Labour Congress had threatened to embark on a nationwide protest rallies from January 27, 2022, if the federal Government goes ahead to increase the price of petrol.
Meanwhile, the All Progressives Congress (APC) has commended the federal government for suspending the proposed fuel subsidy removal.
In a statement issued and signed by the National Secretary of the APC Caretaker/ Extraodinary Convention Planning Committee, Senator John James Akpanudoedehe, the party stated that the action of the Buhari’s administration was commendable, noting that it was meant to save Nigerians unnecessary economic agony.
The statement read in part: “The All Progressives Congress (APC) welcomes the Federal Government’s suspension of the planned removal of subsidy on petroleum products”.
“Commendably, the Federal Government took into consideration the fact that the removal of subsidy at this time will heighten inflation and cause undue hardship on the citizenry”.
“Programmes and policies of government are meant to benefit the people. So if the timing of the planned subsidy removal would cause hardship on citizens, then a review was necessary”.
“We commend President Muhammadu Buhari for always putting the welfare and well being of Nigerians first as he has serially displayed in the implementation of programmes and policies of this administration”.
“In line with the new Petroleum Industry Act (PIA), the Federal Government is already putting in place measures, particulary boosting our local refining capacities to reduce the country’s reliance on expensive import of refined petroleum products. This will in due course, usher in the eventual and full deregulation of the country’s petroleum sector”.
“Finally, the APC commends the cordial and healthy relations between the Executive and the 9th National Assembly which has ensured good governance. Nigerians have been the ultimate beneficiaries as displayed in the positive outcomes of the meeting between Minister of Finance, Budget and National Planning, Dr Zainab Ahmed and the Senate President, Ahmad Lawan on the suspension of the planned subsidy removal”.