NEC considers payment of allowance as palliatives for subsidy removal

Date:

June 16, 2023.

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Azonuchechi Chukwu.

The National Economic Council (NEC) after its inaugural meeting on Thursday, chaired by Vice President Kashim Shettima, announced that it would set up a committee to work out the modalities for organizing and distributing the palliatives to cushion the effect of fuel subsidy removal.

Members of the committee comprise the Governor of Kebbi, the Governor of Benue for North Central; the Governor of Kaduna, Northwest; Bauchi, representing the North East; the Governor of Cross River, South-South; Anambra representing the South East geopolitical zone and Oyo State for the South West.

Speaking to the media regarding the palliatives, the Governor of Bauchi State, Bala Mohammed, said the Council also discussed the possibility of obtaining funds from the World Bank and London partners to implement a Compressed Natural Gas (CNG) programme for vehicles in the country as part of measures to cushion the impact of fuel subsidy removal.

He said the Council deliberated on other recommendations including the one by the organized labour for N702.9 billion consequential adjustment on allowances as well as no less than N25 billion naira per month, which they requested to cushion the effects of the subsidy removal.

While noting that NEC took very far-reaching decisions and deliberations on the issue of the removal of petroleum subsidy and its general impact on the economy, Mohammed noted that NEC had received recommendations on the issue of the National Salaries, Income, and Wages Commission to help the situation.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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