The National Economic Council is yet to decide on Fuel Subsidy and is still on the way forward.
This was disclosed by the Edo State Governor, Godwin Obaseki on Thursday after the NEC meeting presided by Vice President Yemi Osinbanjo in Abuja, according to NAN.
The meeting had in attendance State Governors, the FCT Minister, Mallam Mohammed Bello and the Minister of State for Budget and National Planning, Prince Clem Agba, the Secretary to the Government of the Federation, Mr Boss Mustapha, and the Central Bank Governor, Mr Godwin Emefiele, among others.
What they are saying
Obaseki noted that an ad hoc committee set up by NEC and headed by Gov. Nasir El-Rufai included members of the executive arm of government and worked on recommendations as to what should be done about the cost of Premium Motor Spirit (PMS) locally.
“Because as you realise, as it has been told us, the cost of PMS in Nigeria today is about N162 for a litre whereas every other country surrounding Nigeria is selling the product at more than 100 per cent of the cost in Nigeria.
“The country, as at last year, spent in excess of …; we must have the exact figures — but we must have spent almost N2 trillion subsidising petroleum products.
“That is money that could have gone into building roads; money that could have gone into healthcare and education,” Obaseki said.
Obaseki also added, “For the NEC, the argument is between continuing this regime of spending money that we do not have to subsidise the living standard of mostly those who have vehicles., adding that NEC investigation discovered realised that less than one-third of the states of the country consumed two-third of the subsidy.
“All of these findings were presented to NEC and NEC have deliberations still ongoing, So, NEC has not come up with any decision yet and I think has also been made to the president.’’
In case you missed it
Recall Nairametrics reported yesterday that the Office of the Vice President denied that the Yemi Osinbajo-led National Economic Council (NEC) recommended lifting the price of Premium Motor Spirit (PMS), otherwise known as petrol to N302 per litre.
