January 20, (THEWILL) – The National Economic Council (NEC) says decision on the removal of the subsidy on petroleum will be made in June when the provision for its payment in the 2022 budget expires.
While conservation on subsidy removal is ogoing, the Council said it was yet to take a position on it.
THEWILL reports that the NEC, chaired by Vice-president Yemi Osinbajo met at the Conference Hall, Presidential villa, Abuja on Thursday, with the declaration that since the Nigerian National Petroleum Company (NNPCL) has become a limited liability company, it must be run differently.
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.
Joined at the post-NEC press briefing by his Edo State counterpart, Godwin Obaseki, the Nasarawa governor stated that any decision on the removal of subsidy will be taken after the budget provision runs its course in June.
He added that even though NEC has been having conservation on the matter, it was yet to take a position on it.
Also responding to questions, Obaseki pointed out that Premium Motor Spirit (PMS), which sells for N162-165 per litre 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.
