Subsidy removal: NEC plans to borrow from Wold bank, to provide palliatives for workers
Following the removal of fuel subsidy, the National economic council, NEC has hinted on its plan to provide palliatives for workers and other vulnerable groups in the country.
The focus of this move is aimed at cushioning the effect of the subsidy removal.
The Council after its inaugural NEC meeting on Thursday, chaired by Vice President Kashim Shettima, announced that it would set up a committee to work out within two weeks, the modalities for organizing and distributing the palliatives.
Members of the committee comprise the Governor of Kebbi, the Governor of Benue for North Central; the Governor of Kaduna, Northwest; Bauchi, representing the North East; the Governor of Cross River, South-South; Anambra representing the South East geopolitical zone and Oyo State for the South West.
Speaking to State House correspondents at a briefing after the NEC meeting, the Governor of Bauchi State, Bala Mohammed, who was flanked by four of his colleagues, said the Council also discussed the possibility of obtaining funds from the World Bank and London partners to implement a compressed natural gas (CNG) programme for vehicles in the country as part of measures to cushion the impact of fuel subsidy removal.
Bala revealed that the Council deliberated on other recommendations including the one by the organized labour for N702.9 billion consequential adjustment on allowances as well as no less than N25 billion naira per month, which they requested to cushion the effects of the subsidy removal.
While noting that NEC took very far-reaching decisions and deliberations on the issue of the removal of petroleum subsidy and its general impact on the economy, he also noted that NEC had received recommendations on the issue of the National Salaries, Income, and Wages Commission to help the situation.
He further stated that inputs of the committee on palliatives earlier set up and headed by former Vice President Yemi Osinbajo, would not be discarded but integrated into the ongoing process.
The NEC comprising of all the 36 states governor was inaugurated earlier on Thursday. Other members of the NEC are CBN Governor and the accountant general of the federation.
The NEC, which will meet monthly, is mandated to “advise the president concerning the economic affairs of the federation, and in particular on measures necessary for the coordination of the economic planning efforts or economic programmes of the various governments of the federation
