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Home Business News Business

NGF Chairman says fuel subsidy removal is not the business of governors

Chike Olisah by Chike Olisah
January 21, 2022
in Business
Power and internet of things: Energy efficiency as catalyst for technological innovation and economic growth in Nigeria.
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Chairman of the Nigeria Governors’ Forum, Kayode Fayemi, on Thursday, said the decision on the removal or otherwise of fuel subsidy is not in the hands of state governors.

The reaction is coming as the Nigerian Labour Congress (NLC) and different interest groups have vehemently opposed the planned action by the Federal Government with threats of nationwide protest and strike.
This was made known by Fayemi while briefing newsmen after the meeting of the governors, saying that the forum has concluded plans to engage the leadership of the NLC and the Trade Union Congress on how best to address this issue without causing any disaffection but with a view to salvaging the Nigerian economy for the Nigerian people.

Also, a former Head of State, General Abdulsalami Abubakar, had while speaking at the 19th Daily Trust Summit in Auja, warned against the removal of fuel subsidy, saying that the country is facing challenges on multiple fronts and that action will only compound the situation.

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What the Chairman of NGF is saying

Fayemi, who argued that the decision wasn’t one for the Governors to make, said, “For us at the forum, it is a matter that is a going concern. We don’t have a definite issue on it because it is left to the Petroleum Industry Act. It is not for us. NNPC is now a private company and the company should decide what it wants to do with the price of its products. It shouldn’t really be the business of Governors.

“It is not up to sub-nationals to decide on what happens to PMS pricing. It is an entirely exclusive responsibility of the Federal Government.

“However, we are critical stakeholders and we are members of the National Economic Council, so we contribute to debates in the Council.”

What you should know

Recall that the fuel subsidy removal controversy was once again brought to the fore when the Senate President, Ahmed Lawan, a few days said that President Muhammadu Buhari assured him that he had not directed anyone to remove fuel subsidy.

Lawan also questioned claims that Nigeria consumes 100 million litres of petrol daily, attributing such level of consumption to smuggling activities.

The World Bank had in November 2021, warned Nigeria that further delay in removing the fuel subsidy which had been described as a major drain and waste on the economy could see the federal and state governments being unable to pay salaries this year.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had in October 2021, disclosed that the 2022 budget would make provision for petrol subsidy for the first 6 months alone, after which it is expected that the sector would have been completely deregulated.

Tags: Fuel SubsidyNGFNigeria Governors’Nigerian Labour CongressNLC
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 1

  1. Muhammad Umar ibrahim says:
    April 4, 2022 at 10:54 pm

    Hi

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