After the National Economic Council, NEC had on Thursday, April 27 suspended the planned removal of subsidy on petroleum products, the Nigeria Labour Congress, NLC, and Trade Union Congress, TUC, who have both been opposed to the subsidy removal had hailed the development, with the TUC describing the suspension as a commendable move, and the NLC saying that the right time has come to decide the country’s refining capacity.
Additionally, the Centre for the Promotion of Private Enterprise, CPPE, has encouraged the Federal Government to leave the petrol subsidy removal to the incoming government to handle.
However, while speaking on the suspension, the finance minister had explained that the removal of the subsidy would likely take effect in June 2023 because the Petroleum Industry Act, PIA, and the 2023 budget provided for the subsidy until June. This means that any delay may require the amendment of the PIA and the budget provision.
