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NEC urges Nigerians to wait till June for a decision on subsidy

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The National Economic Council (NEC) has urged Nigerians to wait until June before making a decision on the removal of fuel subsidy.

Nasarawa State Governor, Abdullahi Sule, said this while briefing the press at the end of the first NEC meeting for 2022 held in Abuja on Thursday.

NEC urges Nigerians to wait till June for a decision on subsidy

NEC urges Nigerians to wait till June for a decision on subsidy

“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,” the governor said after the 122nd NEC meeting.

“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.”



Governor Godwin Obaseki of Edo State, who also spoke after the meeting, noted that N2.1 trillion was spent last year on fuel subsidy payments. The payments, he said, 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,” Obaseki added.

The NEC meeting was chaired by Vice President Yemi Osinbajo and attended physically by state governors, government officials as well as officials of the World Bank.

Also on the agenda was the launch of the Nigeria COVID-19 Action Recovery and Economic Stimulus programme (NGCARES).

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