Breaking: FG Tasks Tinubu With Petrol Subsidy Removal

The federal government is no longer sure about the removal of the petrol subsidy during the lifetime of this administration.

The Buhari administration had earlier said subsidy on petroleum products will stop on May 29 when the incumbent is expected to leave office, urging consumers of the product to prepare for the inevitable.

But as it seems, the decision on the issue has obviously been transferred to Bola Ahmed Tinubu, Buhari’s successor who is expected to take office next month.

As part of the plan to phase out subsidy, the government had earmarked $800 million to be distributed as monthly stipends to vulnerable Nigerians.

The administration has now backtracked, saying subsidy will outlive the Buhari-led government.

According to the Minister of Finance and Planning, Zainab Ahmed, who spoke after the National Economic Council Meeting, NEC, in Abuja, the nation’s capital subsidy removal has been suspended.

Speaking after the meeting presided over by Vice President Yemi Osinbajo, the minister said the Petroleum Industry Bill, PIA, Act will need further amendment to accommodate the policy.

Instructively, the PIA Act provided that subsidy be paid until June this year when the current government would have been out of power.

From all indications, the removal is not likely to take effect soon as the 10^th National Assembly will have to do necessary amendment to the PIA which is likely to take weeks if not months, watchers of the nation’s politics said.