Fuel Subsidy 2022: NEC Asks Nigerians To Wait Till June For Decision

Fuel Subsidy 2022 – By Babajide Okeowo

fuel subsidy 2022

As the uproar regarding the removal or otherwise of the fuel subsidy 2022 continues to rage, the National Economic Council (NEC) has asked Nigerians to wait till June for a decision to be made.

This was disclosed by the Nasarawa State Governor, Abdullahi Sule, while briefing the press at the end of the first NEC meeting for 2022 held in Abuja on Thursday.

“We did not make any presentation on this because there has not been a decision. But in reality, all of us, Nigerians, know that there is now the Petroleum Industry Act (PIA) and NNPC has now become a limited liability company,” the governor said after the 122nd NEC meeting.

“So, NNPC will run differently. So, if the Ministry of Finance provides for six months, you probably can understand part of the reasons for the provision of six months is before NNPC fully takes off and at that moment, that’s when decisions would be made.”

Governor Godwin Obaseki of Edo State, who also spoke after the meeting, noted that N2.1 trillion was spent last year on fuel subsidy payments. The payments, he said, could have been used to fund other development efforts.

“Because of payment of subsidy, NNPC was unable to put that money into FAAC for distribution, which means less money going to the states and less money going to the federal government,” Obaseki added.

The NEC meeting was chaired by Vice President Yemi Osinbajo and attended physically by state governors, government officials as well as officials of the World Bank.

Recall that the plan to remove subsidy has also gotten pushbacks from the organised labour who argue that it is ill-advised with the minimum wage pegged at N30,000.

Late last year, the National Association of Nigeria Students (NANS), had also warned that it will shut down the country if the Federal Government removes the subsidy which will see fuel go for about N320 per litre.

“Nigeria will be shut down should the Federal Government attempt to remove the fuel subsidy as allegedly being proposed,” NANS President, Adedayo Asefon said.

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