FG plans removal of petrol subsidy in June

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The federal government may have set plans for removal of petrol subsidy in  June this year. The National Economic Council (NEC) headed by President Muhammadu Buhari on Friday disclosed that the removal of subsidy on the pump price of petrol will take effect from June when the provision for fuel subsidy payment in the 2022 budget is exhausted.

There has been apprehension that the subsidy removal may take effect from January or February, which has been triggering uncertainty in the country’s economy. The Organised Labour has also been mobilizing for national strike to resist any form of increase in the price of petrol under the guise of subsidy removal. The Nigeria Governors Forum has, however, moved to engage the Organised Labour on the subsidy removal.