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NEC to Nigerians: No decision on fuel subsidy removal till June 2022

*The National Economic Council has urged Nigerians to wait till June 2022 for a decision decision to be reached on the proposed removal of fuel subsidy

 *Consumers are already facing hardship on multiple fronts in the country’s economy, says Gen. Abdulsalami Abubakar (Rtd.), ex-Head of State

Isola Moses | ConsumerConnect

Against the backdrop of the reported growing concerns over the possible aftereffects of the removal of petroleum subsidy, including price hike for consumers, Nigeria’s National Economic Council (NEC) has urged Nigerians to wait till June 2022 for a definite decision on the issue.

ConsumerConnect reports Governor Abdullahi Sule of Nasarawa State stated this Thursday, January 20, 2022, while briefing the State House Correspondents at the end of the first in 2022 and 122nd NEC meeting in Abuja, FCT.

Vice-President (Prof.) Yemi Osinbajo chaired the NEC meeting, which the state governors, government officials as well as officials of the World Bank also attended physically.

Vice-President (Prof.) Yemi Osinbajo

Governor Sule said: “We did not make any presentation on this because there has not been a decision.

“But in reality, all of us, Nigerians, know that there is now the Petroleum Industry Act (PIA) and NNPC has now become a limited liability company.

“So, NNPC will run differently. So, if the Ministry of Finance provides for six months, you probably can understand part of the reasons for the provision of six months is before NNPC fully takes off and at that moment, that’s when decisions would be made.”

Likewise, Governor Godwin Obaseki of Edo State, after the NEC meeting, also said that N2.1trillion was spent on fuel subsidy payments 2021.

The Edo State Governor said the payments could have been used to fund other development efforts.

“Because of payment of subsidy, NNPC was unable to put that money into FAAC for distribution, which means less money going to the states and less money going to the Federal Government.”

This consumer-centric publication had reported that Nigeria Labour Congress, recently deliberated on the Federal Government’s alleged proposal to increase the pump price of petrol from the current N165 per liter to over N300, and subsequently planned for a national protest holding Thursday, January 27, 2022.

Likewise, in readiness for the planned nationwide peaceful rally, the Delta State Executive Council (SEC) of the Labour Union has declared that it will mobilise union’s affiliates January 27 in order to protest against the Government’s possible hike in petrol pump price in the West African country.

Nigerians already facing hardship on multiple fronts ─Abubakar

In a related development, Gen. Abdulsalami Abubakar (Rtd.), former Nigerian Head of State, has said fuel price hike will push millions of Nigerian consumers into hardship.

The former Head of State was said to have made the comment during the 19th Daily Trust Summit, in Abuja.

According to Abubakar, Nigerians are already facing hardship on multiple fronts in the country’s economy.

He stated: “All of these have disrupted the fragile value chains across the country, and negatively impacted the ability of Nigerians to produce, process, and distribute food” months after the Federal Government hinted at removal of petroleum subsidy.

The former Head of State also said: “The result is a continued rise in the prices of food items, beyond the reach of many Nigerian families.

“On top of all these, fuel prices are expected to rise significantly in the coming months as announced last November by the NNPC.

“We all know when this happens, as the government has planned, it will push many millions deeper into poverty.”

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