The National Economic Council says it is not yet appropriate to remove the subsidy on Petroleum products, but they do agree that it will be removed eventually because it is not sustainable.
The Minister of Finance, Budget and National Planning disclosed this at the end of the valedictory NEC meeting held in Council chambers of the Presidential Villa in Abuja.
Fuel Subsidy removal may still remain a mirage as this very contentious issue considered to be an unsustainable economic policy may linger very much longer than expected.
The minister of Finance is beginning to suggest that there might be a shift in the goalpost,
She categorically said the National Economic Council agrees that the time for the removal of Fuel Subsidy should be now.
There is no provision for petrol subsidy beyond June in the 2023 budget, this means the incoming administration will have to scratch its head in search of extra-budgetary allocation to fund the subsidy.
But in the interim, an expanded committee will be formed that will determine when it is right to stop the subsidy on petroleum products.
The National Economic Council Meeting was not only about subsidy removal, but it was also a valedictory session for The Advisory organ of the executive arm of government, the governors, that form the core of the National Executive Council gave themselves a pat on the back and commended the leadership of Vice President Yemi Osinbajo.
Vice President Yemi Osinbajo also launched the National Economic Council Legacy Report which captures the successes and challenges faced in the country and how the advice of the council steered the country through tough times.