Removal of Subsidies: Shettima, 36 Governors at NEC Meeting

In its second meeting, the Council would likely discuss the revised palliative package for Nigerians in the wake of the removal of the petrol subsidy.

On Thursday, the National Economic Council (NEC) will meet in the State House’s Council Chambers in Abuja.

Governors from the 36 states that make up the Federal Republic of Nigeria, the Director General of the Nigerian Governors’ Forum, representatives from the World Bank, and other government agencies are also present at the conference, which is being presided over by Vice President Kashim Shettima.

This is the Council’s second meeting, and it is anticipated that it would discuss the revised palliative package for Nigerians in light of the elimination of the fuel subsidy and the recent increase in petrol prices to as much as N617/litre due to market forces.

In an effort to mitigate the consequences of the elimination of the gasoline subsidy, President Bola Tinubu had presented his administration’s plan for a monthly N8,000 transfer to 12 million of the poorest households in the nation for six months.

The strategy was detailed in a letter that was read aloud last Thursday on the House of Representatives’ floor in response to the previous Muhammadu Buhari administration’s request for a $800 million loan for a social safety net scheme.

However, Tinubu ordered a study of the suggested palliative in response to a number of complaints from the Organised Labour.

The President’s evaluation should be the first item on the agenda for the NEC meeting on Thursday, among other things.

The meeting is taking place behind closed doors, and the press has been asked to leave. It is intended that after the meeting, the media will be informed of the decisions made.

More to come…