Wednesday, July 6, 2022

Decision On Petrol Subsidy Removal To Come In June – NEC

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The National Executive Council (NEC) has announced that its decision on fuel subsidy removal will come in June 2022. The council’s meeting was held today at the presidential villa, Abuja chaired by Vice-president Yemi Osinbajo.

Get Ready For Increased Petrol Pump Price - NNPC Tells NigeriansThe governor of Nasarawa state, Abdullahi Sule said it was understandable that the provision for the payment of the subsidy is made in the 2022 budget only until June. Edo State governor, Godwin Obaseki, the Nasarawa governor stated that any decision on the removal of petrol subsidy will be taken after the budget provision runs its course in June. He asserted even though NEC has been having conservation on the matter, it was yet to take a position on it.

Obaseki pointed out that Premium Motor Spirit (PMS), which sells for N162-165 per liter in Nigeria, sells a hundred percent higher in other countries. He noted that the Federal Government was spending about N2 trillion on petroleum subsidy, an amount, he said could have been used for other purposes. According to him, the NEC, therefore, wondered whether that should be allowed to continue in a situation where he observed only two-thirds of the states of the federation consume the subsidy.
Read Also: Buhari Didn’t Ask Anyone To Remove Petrol Subsidy -€“ Senate President, Ahmad Lawan

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