Breaking: FG Suspends Fuel Subsidy

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The anticipated withdrawal of the petroleum subsidy has been put on hold by the federal government until further notice.

Subsidies for petroleum products were to be phased out by the government in July of this year.

Minister of Finance, Budget, and National Planning, Zainab Ahmed, stated this during a sitting of the National Assembly in Abuja on Monday.

The meeting was called at the request of Senate President Ahmad Lawan, who was joined by Timipre Sylva, Minister of State for Petroleum Resources, and Mele Kyari, Group Managing Director of NNPC Limited.

Further details regarding the reason for the immediate action is not yet known. However, political permutations towards next year's election, could be at the heart of the urgent decision to suspend subsidy removal. Many believe the consequent impact on the economy and household income will be a political suicide for the ruling party.

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