Federal government representatives, organized labour and key regulatory bodies held a meeting at the state house in Abuja on June 19 to discuss the matter.
It was decided that sub-committees would prepare reports within the given timeframe, which would inform future decisions on the issue.
The representatives of the federal government and various stakeholders announced that discussions regarding fuel subsidy removal palliatives will be concluded within eight weeks.
This disclosure took place during a press conference held at the state house in Abuja on June 19. The meeting was attended by key figures from the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Additionally, leaders from the Nigeria Labour Congress, Trade Union Congress, the President’s Chief of Staff, Femi Gbajabiamila, his Energy Special Adviser, Olu Verheijen, his Special Adviser on Revenue, Zaccheus Adedeji, and the Permanent Secretary of the Ministry of Labour and Employment, Kachallum Dajou, were also present at the meeting.
During the meeting, it was decided that reports from the sub-committees would be prepared and finalized within the designated eight-week timeframe. These reports will serve as a basis for making informed decisions regarding the matter at hand.
Our backstory highlighted the fact that the National Economic Council led by Vice President; Kashim Shettima is considering salaries and the provision of natural gas alternatives as palliatives in response to the removal of fuel subsidies. According to the report, a committee had been set up to look at the palliatives and will submit a report in two weeks.
It is also important to note that the Council’s committee is deliberating on the following:
Recommendations by the organized labour for N702.9 billion consequential adjustment on allowances as well as no less than N25 billion naira per month, which they requested to cushion the effects of the subsidy removal.
The possibility of obtaining funds from the World Bank and London partners to implement a Compressed Natural Gas (CNG) programme for vehicles in the country as part of measures to cushion the impact of fuel subsidy removal.
Meanwhile, the decision made by the federal government and stakeholders on June 19 implies that Nigerians will have to wait for eight weeks before a concrete plan is developed to distribute palliatives, aiming to alleviate the burden faced by citizens due to the removal of fuel subsidies.
During this time, many Nigerians living below the poverty line are grappling with the daily challenge of higher transportation costs. Moreover, the country is experiencing a 22.41% inflation rate, which has a cascading effect on food prices and other essential commodities.
As a result, the delay in implementing the palliative measures adds to the existing difficulties faced by vulnerable Nigerians, exacerbating their economic struggles and further impacting their quality of life.
