Nigeria has suspended the planned removal of subsidies on petroleum products by June this year, saying it was not a “favourable time for the action”.
Nigeria’s Finance Minister Zainab Ahmed said the council would continue talks with the incoming administration.
President-elect Bola Tinubu plans to stop subsidy payments once he assumes office in May this year.
Earlier this month, the federal government secured $800m (£640m) in grants from the World Bank to scale up its national social programme ahead of removing its petroleum subsidies in mid-2023, aimed at reducing the impact of fuel subsidy removal.
Africa’s biggest economy set aside 3.36 trillion naira ($7.3bn) this year to spend on petroleum subsidies until mid-year 2023 when it will cease payments.
Nigeria is one of Africa’s largest crude oil producers but imports petroleum products due to malfunctioning refineries.