Palliatives: Tinubu Directs Economic Council To Work On Implementation Strategies

For mitigating the impacts of subsidy removal on the common as well as the middle-class Nigerians, President Bola Tinubu has directed the National Economic Council (NEC) led by Vice President Kashim Shettima to begin the process of strategies for providing palliatives.

Tinubu gave the directive at his meeting with some major oil marketers led by Ogun State Governor, Dapo Abiodun at the State House in Abuja on Wednesday.

During his inaugural speech on May 29 at the Eagle Square in Abuja, the president announced the removal of subsidy payment on petrol.

As a consequence of the announcement, the Nigeria National Petroleum Company Limited adjusted the pump price to reflect the current international price.

On their own part, in respect of the development, the Organised Labour recently disclosed their intention to embark on a nationwide strike beginning Wednesday but subsequently shelved it after a meeting with the Federal Government late Monday.

During his address of correspondents after the meeting, Governor Abiodun stated that the marketers expressed solidarity with the President for removing the N4trn subsidy burden, a move that can enhance the Federation Account Allocation Committee (FAAC) allocation to states.

Sequel to the meeting, the group of major oil marketers subsequently announced their intention to donate 50 to 100, fifty-seater mass transit buses that would run on CNG, costing N100m each and N10bn cumulatively, to cushion the effect of the removal within the next 30 days.