April 20, 2024 5:48 am
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Governors Convene in Crucial Meeting to Discuss Subsidy Removal with Shettima Taking the Lead

The National Economic Council (NEC) meeting is currently underway at the Council Chambers of the State House in Abuja on Thursday.

The meeting, chaired by Vice President Kashim Shettima, has brought together governors from all 36 states of the Federation, the Director General of the Nigerian Governors’ Forum, and representatives from the World Bank and other government agencies.

This second meeting of the Council will focus on discussing the revised palliative measures for Nigerians in response to the removal of petrol subsidy and the recent increase in petrol prices, now reaching up to N617/litre due to market forces.

Last Thursday, President Bola Tinubu revealed his administration’s plan to provide a monthly N8,000 transfer to 12 million of the poorest households in the country for a span of six months, aiming to soften the blow of the fuel subsidy removal.

The President’s proposal was presented in a letter read on the floor of the House of Representatives concerning the $800 million loan request made during the previous Muhammadu Buhari administration for a social safety net program.

However, in the face of continued criticism from Organised Labour, Tinubu has ordered a review of the proposed palliative.

Given these developments, the review of the President’s plan will be a major focus of the NEC meeting today.

The media has been excused from the meeting as it is currently in a closed-door session. Updates and resolutions from the meeting are expected to be relayed to the media following the conclusion.

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