Connect with us

News

Subsidy Removal: We Will Decide In June-NEC

Published

on

Petrol

The decision on the removal of subsidy on petroleum will be made in June. This was disclosed by the National Economic Council (NEC).

According to NEC, the decision will be taken when the provision for subsidy payment expires in the 2022 budget.

The disclosure followed a council meeting chaired by Vice President Yemi Osinbajo at the Conference Hall, Presidential Villa, Abuja on Thursday.

At the end of the meeting, it was declared that since the Nigerian National Petroleum Company, NNPC, Limited has become a limited liability company, it must be run differently.

Fielding questions while briefing State House correspondents on the outcome of the meeting, the governor of Nasarawa state, Abdulahi Sule said it was understandable that the provision for the payment of the subsidy is made in the 2022 budget only until June.

Governor Sule, flanked by his Edo State counterpart, Godwin Obaseki, stated that any decision on the removal of subsidy will be taken after the budget provision runs its course in June.

Also speaking while responding to questions, Governor Obaseki pointed out that Premium Motor Spirit (PMS), which sells for N162-165 per liter in Nigeria, sells a hundred percent higher in other countries.

He noted that the federal government was spending about N2 trillion on petroleum subsidy, an amount, he said could have been used for other purposes.

According to him, the NEC, therefore, wondered whether that should be allowed to continue in a situation where he observed only two-thirds of the states of the federation consume the subsidy.

Share
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Polaris Bank AD

Ad

Facebook

Trending

Copyright © 2024, February13 Media