The National Economic Council (NEC) has considered two forms of palliatives for Nigerian workers and vulnerable people to mitigate the effects of petrol subsidy removal on citizens.
The proposals by the council are “living cost allowance” of over N702 billion and “petroleum allowance” ranging from N23.5 billion to N45 billion monthly.
The council, presided over by Vice President Kashim Shettima, disclosed that the N702 billion was recommended by the National Salaries, Incomes and Wages Commission based on the demands of the Nigeria Labour Congress (NLC).
Before the meeting, President Bola Tinubu urged its members to work with his administration to revive the nation’s economic fortunes.
Politics Nigeria understands that the NEC is a major organ of the Executive made up of all the 36 governors, ministers in charge of finance and the economy, and the Central Bank of Nigeria (CBN) governor, among others.
Bauchi State Governor Bala Mohammed, who briefed newsmen after the NEC meeting, explained that the two forms of allowances were a part of the numerous palliatives they are working on.
Mohammed revealed that NEC also discussed the possibility of obtaining funds from the World Bank and its London partners to implement the federal government’s Compressed Natural Gas (CNG) programme as a strategy to reduce petrol costs.
NEC, according to him, constituted a committee to work out modalities for the deployment of the N702 billion and the N23.5 billion/ N45 billion monthly petroleum allowance.
The committee, headed by Kebbi State Governor Nasir Idris, has two weeks to complete its assignment.
Mohammed was joined by four of his colleagues – Dapo Abiodun (Ogun), Dikko Radda (Katsina), Alex Otti (Abia) and Yahaya Bello (Kogi).
The committee comprises the Governor of Kebbi as chairman; Charles Soludo (Anambra) representing South-east; Hycinth Alia (Benue) representing North-central; Uba Sani (Kaduna) representing North-west; Mohammed, representing North-east; Bassey Otu (Cross River), representing South-south and Seyi Makinde (Oyo) representing the South-west.
Also on the committee are representatives of the Budget Office of the Federation, CBN, Office of the Attorney-General of the Federation, Nigerian National Petroleum Company Limited, Trade Union Congress (TUC) and NLC.
Mohammed said they must recommend to NEC within two weeks “a holistic” approach to alleviating the post-subsidy removal hardship on Nigerians.
