We’re yet to take decision on subsidy removal: NEC

TECHNOCRAT MEDIA, Abuja

The National Economic Council (NEC) has said it has not taken a decision on the issues of petrol subsidy removal as planned by the Federal Government.

NEC said deliberations are still ongoing.

Godwin Obaseki, governor of Edo State disclosed this in Abuja on Thursday after a NEC meeting presided over by the vice president, Yemi Osinbajo at the Presidential Villa.

Mr Obaseki said NEC has been deliberating on the issue of petrol subsidy removal over a year ago.

“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.

“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.’’

The governor said the NEC looked at some of the analysis in 2021, it realised that not up to half of the states in the country consumed two-thirds of the subsidy.

According to Mr Obaseki, the issue of equity also comes up.

“All of these findings were presented to NEC and NEC have 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.

(NAN)