Fuel subsidy: Tinubu directs Shettima-led Economic Council to work on palliatives
Nigerian President Asiwaju Bola Ahmed Tinubu has directed the National Economic Council (NEC) led by vice President Kashim Shettima to begin the process of providing palliatives in order to cushion the effect of the removal of subsidy.
President Tinubu gave the directive on Wednesday, in Abuja, while meeting with some major oil marketers led by Ogun State Governor, Dapo Abiodun.
It could be recalled that Tinubu while giving his inaugural speech on May 29 at the Eagle Square in Abuja, announced the removal of subsidy payment on petrol.
Meanwhile, following the announcement, the Nigeria National Petroleum Company Limited adjusted the pump price to reflect the current international price.
Reacting to the development, the Organised Labour resolved to embark on a nationwide strike beginning Wednesday but subsequently shelved it after a meeting with the Federal Government late Monday.
However, Governor Dapo Abiodun, while speaking to newsmen after the meeting, stated that the marketers expressed solidarity with the President for removing the N4trn subsidy burden, a move that can enhance the Federation Account Allocation Committee (FAAC) allocation to states.
The group of marketers subsequently announced their intention to donate 50 to 100, fifty-seater mass transit buses that would run on CNG, costing N100m each and N10bn cumulatively, to cushion the effect of the removal within the next 30 days.
