• About
  • Advertise
  • Our Privacy Policy
  • Contact
Friday, September 29, 2023
No Result
View All Result
  • Login
MetrowatchXtra
  • WORLD
  • BUSINESS
  • POLITICS
  • HEALTH
  • SPORTS
  • OP-ED
  • ENTERTAINMENT
  • WORLD
  • BUSINESS
  • POLITICS
  • HEALTH
  • SPORTS
  • OP-ED
  • ENTERTAINMENT
No Result
View All Result
MetrowatchXtra
No Result
View All Result
Home EXECUTIVE

The Waiting Game Continues! Govs Say ‘No Decision Yet on Fuel Subsidy’ 

0 0
0
•Governor Godwin Obaseki of Edo State

•Governor Godwin Obaseki of Edo State

By Chijioke Okoronkwo

 

 

The National Economic Council (NEC) says it has yet to take a decision on the issue of fuel subsidy removal as deliberations are still ongoing.

Gov. Godwin Obaseki of Edo fielded questions from State House correspondents after the NEC meeting presided over by Vice President Yemi Osinbajo on Thursday at the Presidential Villa, Abuja.

According to the governor, NEC has been deliberating on the issue of  fuel subsidy for more than a year.

“There was an ad hoc committee set up by NEC and headed by Gov. Nasir El-Rufai that included members of the executive arm of government and worked on recommendations as to what we should do 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.

READ ALSO  2023: INEC Identifies 'Missing' Gaps by Parties, Seeks Improvement

“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.

“So, for NEC, the argument has been put out; should we continue this regime of spending money that we do not have to subsidise the living standard of mostly those who have vehicles.’’

He said that when NEC looked at some of the analysis last year, it realised that less than one-third of the states of the country consumed two-third of the subsidy.

According to him, the issue of equity also comes up.

“All of these findings were presented to NEC and NEC has deliberations still ongoing.

“So, NEC has not come up with any decision yet and I think has also been made to the president,’’ he said.

READ ALSO  NIMC Says NIN Servers Secure, Not Hacked

On his part, Gov. Abdullahi Sule of Nasarawa State said Nigerians ought to know about the Petroleum Industry Act (PIA) as the NNPC had become a limited liability company.

According to him, the NNPC will run differently henceforth.

“So, if the Ministry of Finance, Budget and National Planning provides for six months, you probably can understand part of the reason for the provision of six months before NNPC takes off.

“At that moment, that is when decision will be made. But I want to make the correction that it is not governors who are making the recommendations.

“It is actually a NEC committee that is looking at this and no decision has been made; probably a decision will be made; the PIA would have taken charge and it would not require any recommendation from anybody,’’ Sule said.

 

 

(NAN)

Tags: Fuel SubsidyGovsNigeria
MetrowatchXtra

MetrowatchXtra

RELATED POST

Gas Retailers
BUSINESS

12.5kg Cooking Gas Price May Hit N18,000 December, Gas Retailers Say | METROWATCH

by Seyi Babalola
September 18, 2023
0

Gas retailers have warned that the price of 12.5kg cooking gas may hit N18,000 by December if the Federal Government...

Read more
A MINISTER’S DIARY | Strengthening Nigeria-India Ties is a Win-win for All,  By Doris Uzoka-Anite | METROWATCH

A MINISTER’S DIARY | Strengthening Nigeria-India Ties is a Win-win for All, By Doris Uzoka-Anite | METROWATCH

September 9, 2023
Tinubu Urges Indian Investors ‘Do Not Procrastinate, Nigeria Offers Best Return on Investment’ | METROWATCH

Tinubu Urges Indian Investors ‘Do Not Procrastinate, Nigeria Offers Best Return on Investment’ | METROWATCH

September 6, 2023
Oyo Gov’s Office thrown into Darkness as Power Disconnected over N450m Debt •Revenges by Shutting IBEDC Offices

Subsidy removal: Makinde Earmarks N8 Billion for Palliatives in Oyo | METROWATCH

August 29, 2023
19 ‘Gbosas’ for the Grandmaster of Data — a tribute by Toni Kan to Globacom at 19

Glo Rolls out the Drums, Marks 20 Years of Operations | METROWATCH

August 29, 2023
Nigeria Did Not Apply to Join BRICS, Says VP Shettima | METROWATCH

Nigeria Did Not Apply to Join BRICS, Says VP Shettima | METROWATCH

August 26, 2023
Load More

APO

Recent Posts

  • BBNaija All Stars | ‘Angel Worth More than N120m’ – Soma Reveals | METROWATCH
  • BBNaija All Stars | ‘Doyin Fake, I Wasn’t Comfortable with Her Friendship’ – CeeC | METROWATCH
  • WHO Releases $16m to Tackle Cholera | METROWATCH
  • We are Ready to Shut Down All Oil Field Locations – TUC Declares | METROWATCH
  • I Did Not Mean to be Offensive – Italian Journalist Marika Fruscio Pleads with Nigerians after Post Knocking Osimhen | METROWATCH

Recommended

Pere

BBNaija All Stars | Pere Promises to Scrap Venita off His Movie | METROWATCH

2 months ago
Osinbajo: Late Ajibola Was My Mentor, Role Model | METROWATCH

Osinbajo: Late Ajibola Was My Mentor, Role Model | METROWATCH

6 months ago
MetrowatchXtra

MetrowatchXtra is an online daily newspaper poised to act as a catalyst in our debate and desire for well-governed Nigeria and provide the much-needed platform for all, irrespective of social, religious or political divide, to express their views.
Metrowatchxtra Nigeria

  • About
  • Advertise
  • Our Privacy Policy
  • Contact

© 2022 Metrowatchxtra Nigeria

No Result
View All Result
  • Politics
  • World
  • Business
  • Science
  • Entertainment
  • Sports
  • Tech
  • Health

© 2022 Metrowatchxtra Nigeria

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist