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The NEC says no decision taken yet on fuel subsidy removal.

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The National Economic Council (NEC) says it has yet to make a decision on the issue of removing fuel subsidies, as deliberations are still ongoing.
Governor Godwin Obaseki of Edo answered questions from House of Representatives correspondents after the NEC meeting chaired by Yemi Osinbajo on Thursday at the Presidential Villa, Abuja.
According to the governor, NEC has been deliberating on the fuel subsidy issue for more than a year.
“An ad hoc committee headed by Governor Nasir El-Rufai including members of the executive arm of the government was established and worked on recommendations on what we should do with the cost of Premium Motor Spirit (PMS) locally.
“Because as you realize, as we have been told, the cost of PMS in Nigeria today is about N162 per litre, while every other country surrounding Nigeria sells the product at more than 100 per cent of the cost in Nigeria.
“The country, like last year, spent in excess of…; we must have the exact figures, but we must have spent almost N2 trillion on subsidies to petroleum products.
“That is money that could have been spent on road construction; money that could have gone to health and education.
“So for NEC, the argument has been made; Should we continue this regimen of spending money we don't have to subsidize the standard of living for the majority of those who own vehicles?''
He said that when the NEC looked at some of the analysis from last year, it found that less than a third of the states in the country were consuming two-thirds of the subsidy.
According to him, the issue of fairness also comes up.
“All of these findings have been presented to NEC and NEC has deliberations still ongoing.
“So, NEC hasn't made any decision yet and I think it has been made to the president as well,” he said.
For his part, Nasarawa State Governor Abdullahi Sule said that Nigerians should be aware of the Petroleum Industry Act (PIA) as the NNPC had become a limited liability company.
According to him, the NNPC will work differently from now on.
“So if the Ministry of Finance, Budget and National Planning sets six months, you can probably understand part of the reason for the provision of six months before the NNPC takes off.
“At that time, that is when the decision will be made. But I want to make the correction that it is not the governors who are making the recommendations.
“Actually, it is an NEC committee that is looking at this and no decision has been made; a decision will probably be made; the PIA would have taken over and would not require any recommendation from anyone,'' Sule said.
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Source: NAN
The NEC says no decision taken yet on fuel subsidy removal.

The National Economic Council (NEC) says it has yet to make a decision on the issue of removing fuel subsidies, as deliberations are still ongoing.

Governor Godwin Obaseki of Edo answered questions from House of Representatives correspondents after the NEC meeting chaired by Yemi Osinbajo on Thursday at the Presidential Villa, Abuja.

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

“An ad hoc committee headed by Governor Nasir El-Rufai including members of the executive arm of the government was established and worked on recommendations on what we should do with the cost of Premium Motor Spirit (PMS) locally.

“Because as you realize, as we have been told, the cost of PMS in Nigeria today is about N162 per litre, while every other country surrounding Nigeria sells the product at more than 100 per cent of the cost in Nigeria.

“The country, like last year, spent in excess of…; we must have the exact figures, but we must have spent almost N2 trillion on subsidies to petroleum products.

“That is money that could have been spent on road construction; money that could have gone to health and education.

“So for NEC, the argument has been made; Should we continue this regimen of spending money we don’t have to subsidize the standard of living for the majority of those who own vehicles?”

He said that when the NEC looked at some of the analysis from last year, it found that less than a third of the states in the country were consuming two-thirds of the subsidy.

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

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

“So, NEC hasn’t made any decision yet and I think it has been made to the president as well,” he said.

For his part, Nasarawa State Governor Abdullahi Sule said that Nigerians should be aware of the Petroleum Industry Act (PIA) as the NNPC had become a limited liability company.

According to him, the NNPC will work differently from now on.

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

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

“Actually, it is an NEC committee that is looking at this and no decision has been made; a decision will probably be made; the PIA would have taken over and would not require any recommendation from anyone,” Sule said.

Keep reading

Source: NAN

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