The FG suspended the planned subsidy removal three days before the commencement of the NLC planned protests.
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.
According to Minister, it has become clear that the timing for the removal of fuel subsidy will be problematic as the country still experiences high inflation.
She admitted that removing fuel subsidy at this period would ultimately worsen the condition of Nigerians, especially those struggling to make ends meet.
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.
