June 17, 2024

Subsidy removal: Tinubu directs NEC, NGF to fast-track palliatives, intervention programmes


President Bola Ahmed Tinubu has directed the National Economic Council (NEC) led by Vice President Kashim Shettima, to begin the process of working on interventions to cushion the impact of subsidy removal on Nigerians.

This is even as the independent major oil marketers have pledged to donate no fewer than 100 high capacity buses to the federal government for mass transit operations.

The cheering news was dropped by the Governor of Ogun State, Dapo Abiodun, who led the representatives of some major oil marketers on a courtesy visit to President Tinubu at the Presidential Villa, Abuja on Wednesday.

Addressing State House correspondents after the closed door meeting, Abiodun said the marketers were in the Presidential Villa to express solidarity with the President for his bold decision to end the subsidy regime.

He noted that Tinubu’s action showed his determination and courage to remove the hermorage that had bedeviled the country for decades.

The governor said that while there would be some discomfort on the part of the people, the move would eventually pay off as there can be no gains without pain.

Also speaking at the briefing, spokesperson of the major oil marketers, Dame Winifred Agbani said the courtesy visit was to express their joy for the removal of fuel subsidy, adding that they have waited for too long for the removal of subsidy on petroleum products to happen.

According to her, Nigeria has already spent in five months over N2 trillion on subsidy and by year’s end will spend over N6.7 trillion mark, pointing out that the country cannot sustain it anymore.

She revealed that the marketers are aware that the removal of subsidy will hurt Nigerians in the short term but will benefit the masses in the long run.

She therefore announced the intention of the major oil marketers to donate 50 to 100 mass transit buses as a way to help the success of the initiative, hoping that other well meaning corporate bodies can do the same.

Those who came with Agbani, who is the Chairman of North West Oil and Gas Ltd are Raymond Ogbeche of Rain Oil Limited; Chris Igwe, OFR of Mainland Oil and Gas Ltd and Chairman of MOMAN.

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