The National Economic Council (NEC), presided over by Vice-President Yemi Osinbajo, has agreed that the removal of petrol subsidy should be suspended.
NEC, however, said all of the preparatory works should continue in consultation with the states and other key stakeholders, including representatives of the incoming administration.
The resolution comes just two months to the scheduled time for the removal of the costly petrol subsidy – also called under-recovery.
Last year, following a N3.35 trillion subsidy budget, the federal government said it would stop under-recovery payments in June 2023.