Economy

Fuel Price hike: NEC decides on palliative measures for Nigerians

Published

1 year ago

July 21, 2023

The National Executive Council (NEC) on Thursday agreed on palliative measures for Nigerians following the removal of the petrol subsidy and the recent hike in petrol prices to up to N617/litre.

The decision was reached at a meeting chaired by Vice President Kashim Shettima at the Council Chambers of the State House in Abuja.

The meeting had in attendance governors of the 36 states of the Federation, the Director General of the Nigerian Governors’ Forum, as well as stakeholders from the World Bank and other agencies of government.

This comes after a revision of President Bola Tinubu’s administration’s plan for a monthly N8,000 transfer to 12 million of the poorest households in the country for six months, in a bid to cushion the effects of the removal of fuel subsidy.

But during the meeting, NEC urged Government officials to reduce the cost of governance in their various spheres. This is even as the Federal Government initiated a six-month cash award policy for public servants.

It also considered integrity tests on state social registers, cash transfers would be done via state social registers subject to state peculiarities.

Food items grains and fertilisers are to be distributed by state governments at the rate acquired from National Emergency Management Agency (NEMA) and states are urged to double down on energy transition plans in the transport sector.