FG suspends plan to remove petrol subsidy

The FG suspended the planned subsidy removal three days before the commencement of the NLC planned protests.

Zainab Ahmed, Nigeria's Minister of Finance,

The Federal Government has suspended its plan to remove the subsidy on petrol till further notice.

The FG through the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced the development at the National Assembly in Abuja on Monday, January 24, 2022.

The ad-hoc committee of the National Economic Council (NEC) had recently recommended that the planned subsidy removal should take effect from next month.

With the NEC’s recommendations, price of petrol is expected to increase from N165 per litre to N302.

Meanwhile, the Nigerian Labour Congress (NLC) had threatened to embark on nationwide protest rallies from January 27, 2022, if the Federal Government increases the price of petrol.

The union said the protests would kick off immediately and without notice across the country in case the government goes ahead to increase price of fuel.

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