ADVERTISEMENT

We've not come up with any decision yet on subsidy - NEC

The National Economic Council (NEC) says it has yet to take a decision on the issue of fuel subsidy removal as deliberations are still ongoing.

We've not come up with any decision yet on subsidy - NEC. [Twitter/@Opetuyii]

Gov. Godwin Obaseki of Edo fielded questions from State House correspondents after the NEC meeting presided over by Vice President Yemi Osinbajo on Thursday at the Presidential Villa, Abuja.

According to the governor, NEC has been deliberating on the issue of fuel subsidy for more than a year.

“There was an ad hoc committee set up by NEC and headed by Gov. Nasir El-Rufai that included members of the executive arm of government and worked on recommendations as to what we should do about the cost of Premium Motor Spirit (PMS) locally.

“Because as you realise, as it has been told to us, the cost of PMS in Nigeria today is about N162 for a litre whereas every other country surrounding Nigeria is selling the product at more than 100 per cent of the cost in Nigeria.

ADVERTISEMENT

“The country, as at last year, spent in excess of …; we must have the exact figures — but we must have spent almost N2 trillion subsidising petroleum products.

“That is money that could have gone into building roads; money that could have gone into healthcare and education.

“So, for NEC, the argument has been put out; should we continue this regime of spending money that we do not have to subsidise the living standard of mostly those who have vehicles.’’

He said that when NEC looked at some of the analysis last year, it realised that less than one-third of the states of the country consumed two-third of the subsidy.

According to him, the issue of equity also comes up.

ADVERTISEMENT

“All of these findings were presented to NEC and NEC has deliberations still ongoing.

“So, NEC has not come up with any decision yet and I think has also been made to the president,’’ he said.

On his part, Gov. Abdullahi Sule of Nasarawa State said Nigerians ought to know about the Petroleum Industry Act (PIA) as the NNPC had become a limited liability company.

According to him, the NNPC will run differently henceforth.

“So, if the Ministry of Finance, Budget and National Planning provides for six months, you probably can understand part of the reason for the provision of six months before NNPC takes off.

ADVERTISEMENT

“At that moment, that is when decision will be made. But I want to make the correction that it is not governors who are making the recommendations.

“It is actually a NEC committee that is looking at this and no decision has been made; probably a decision will be made; the PIA would have taken charge and it would not require any recommendation from anybody,’’ Sule said.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Dangote leads campaign for knowledge-based economy for Nigeria

Dangote leads campaign for knowledge-based economy for Nigeria

Power supply may soon improve as FG pays over $120m to offset gas debts

Power supply may soon improve as FG pays over $120m to offset gas debts

Tinubu govt paying ₦1tr monthly as petrol subsidy - Pinnacle Oil MD

Tinubu govt paying ₦1tr monthly as petrol subsidy - Pinnacle Oil MD

Miyetti Allah wants Tinubu to arrest Igboho over threats against Fulani

Miyetti Allah wants Tinubu to arrest Igboho over threats against Fulani

Tinubu became president because of the purity of his heart - Shettima

Tinubu became president because of the purity of his heart - Shettima

My wife attempted to stab me over a little misunderstanding, husband tells court

My wife attempted to stab me over a little misunderstanding, husband tells court

Lagos-Sagamu expressway’s long bridge undergoes repairs Monday — FG

Lagos-Sagamu expressway’s long bridge undergoes repairs Monday — FG

UN weather agency says the world experienced extreme heat in February

UN weather agency says the world experienced extreme heat in February

Hoodlums hijack BUA truck in Zaria, loot cartons of spaghetti

Hoodlums hijack BUA truck in Zaria, loot cartons of spaghetti

Pulse Sports

Popular TV host Kate Abdo makes it official with boyfriend, cuddles up with him on Instagram post

Popular TV host Kate Abdo makes it official with boyfriend, cuddles up with him on Instagram post

Sha'Carri Richardson's Nike falls to New Balance in revenue growth for 2023

Sha'Carri Richardson's Nike falls to New Balance in revenue growth for 2023

Ex-Arsenal midfielder rushed to hospital following brain-related injury

Ex-Arsenal midfielder rushed to hospital following brain-related injury

I don't want him punished — Greenwood opens up on feelings after Bellingham's alleged name-calling

I don't want him punished — Greenwood opens up on feelings after Bellingham's alleged name-calling

Rinsola Babajide and Ashleigh Plumptre: England stars reunite with Super Falcons of Nigeria

Rinsola Babajide and Ashleigh Plumptre: England stars reunite with Super Falcons of Nigeria

‘I must marry Osimhen’ - Busty Nigerian fan declares after Napoli star nets in Cagliari draw

‘I must marry Osimhen’ - Busty Nigerian fan declares after Napoli star nets in Cagliari draw

ADVERTISEMENT
ADVERTISEMENT