Apprehensive Nigerians heaved a sigh of relief yesterday after the government announced a stay of action on petrol subsidy removal.
With this twist, the Federal Government will now make provision for subsidy payment after June, Minister Finance, Budget and National Planning, Mrs Zainab Ahmed said.
Senate President Ahmad Lawan urged Labour leaders to cancel their planned protests on the subsidy removal.
Mrs Ahmed said the Federal Government reconsidered the plan due to heightened inflation.
According to her, removing subsidies at this time will impose more hardship on citizens.
President Muhammadu Buhari, she said, “clearly does not want to do that”.
Ahmed said a further amendment will be made to the 2022 budget to provide for subsidy beyond June.
The minister said before subsidy is removed, “a number of measures” will be put in place to cushion the effects.
These include deploying an alternative to petrol and increasing the country’s refining capacity.
Minister of State for Petroleum Resources Timipre Sylva confirmed the government’s position, saying subsidy removal “will not happen”.
He said Nigerians will be protected from the impact of subsidy removal.
Both ministers met with Senate President in Abuja over the subsidy issue.