The National Economic Council, Nigeria’s highest economic advisory group, is in a meeting at the Council Chambers of the Presidential Villa in Abuja.
The meeting on Thursday comes 48 hours after the Nigerian National Petroleum Company Limited increased the fuel pump price from N540/litre to N617/litre, the second big hike since President Bola Tinubu discontinued petrol subsidies on May 29.
The price increase on Tuesday sparked fury among Nigerians, even as company owners and members of the organised private sector expressed concern about potential firm closures and job losses.
Earlier, the Federal Government stated that it will reconsider previous plans to pay monthly cash handouts of N8,000 to 12 million families for six months as part of measures to alleviate the suffering caused by the elimination of fuel subsidies.
This came after widespread criticism of the programme, with organised labour claiming that it falls well short of the degree of action necessary to alleviate the suffering of disadvantaged Nigerians.
The meeting, chaired by Vice President Kashim Shettima, commenced at 11:35 a.m., following an opening prayer by Osun State Governor Ademola Adeleke.
Among other things, attendees will get proposals to minimise the consequences of the loss of the petrol subsidy on employees, including a recommended living wage adjustment worth N702.9 billion in allowances.
Those present in the meeting are the Secretary to the Government of the Federation, George Akume; Group CEO of the NNPCL, Mele Kyari, Acting Governor of the Central Bank, Folashodun Shonubi, Acting Accountant-General of the Federation and Permanent Secretaries of the Ministries of Petroleum, Agriculture and Budget and National Planning.
There are also the Chairman of the Nigeria Governors’ Forum, Abdulrahman Abdulrazaq of Kwara State and the Chairman of the Progressives Governors’ Forum, Hope Uzodinma of Imo State.
Governors from Gombe, Katsina, Lagos, Nasarawa, Ogun, Kaduna, Kebbi, Yobe, Delta, Bayelsa, Abia, Zamfara, Anambra, Bauchi, Jigawa, Cross River, Plateau, Edo, Benue, Akwa Ibom, and Sokoto are also in attendance. While Deputy Governors represent Enugu, Oyo, Rivers, Adamawa, and Kano states.
cc: Punch Ng
