President Bola Tinubu has directed the National Economic Council (NEC), led by Vice President Kashim Shettima to device an approach and begin the process of working on interventions to mitigate the impact of subsidy removal on the Nigerians.
After leading some major oil marketers on a courtesy visit to the President at the State House in Abuja, Ogun State Governor, Prince Dapo Abiodun, said that the marketers expressed solidarity with the President for removing the N4 trillion subsidy burden, a move that can enhance the Federation Account Allocation Committee (FAAC) allocation to states.
Abiodun was a chairman of the oil marketers association.
The group of marketers subsequently announced their intention to donate to 50 to 100, 50-seater mass transit buses that would run on Compressed Natural Gas, costing a N100 million each and N10 billion cumulatively, to cushion the effect of the removal within the next 30 days.
They are hoping other corporate bodies can emulate their action.
The President’s meeting with the oil marketers comes amid the controversy and protests trailing the removal of subsidy on Premium Motor Spirit known as petrol.
The President during his inaugural speech on 29th May at the Eagle Square in Abuja had announced the removal of subsidy payment on petrol. The President said that the immediate past administration of Muhammadu Buhari did not make provisions for subsidy in the 2023 budget beyond June.
Many Nigerians had expected that the new price regime would come into effect by 1st July but almost immediately after the presidential pronouncement, queues resurfaced at filling stations across the country even as retail outlets hoard the product and increase prices.
Already, a litre of petrol is being sold at over N500 across the country following NNPC price adjustment and the presidential pronouncement on subsidy removal.
