Nigeria’s highest economic advisory body, the National Economic Council is currently meeting at the Council Chambers of the Presidential Villa, Abuja.
Thursday’s meeting comes 48 hours after the Nigerian National Petroleum Company Limited reviewed the petrol pump price from N540/litre to N617/litre, the second major increase since the discontinuance of petrol subsidy on May 29, by President Bola Tinubu.
OBSERVERSTIMES revealed that price hike triggered outrage amongst Nigerians even as business owners and members of the organised private sector expressed fear over the possible shutdown of businesses and job losses.
Earlier, the Federal Government said it will review earlier plans to distribute monthly cash grants of N8,000 to 12 million households for six months as part of efforts to assuage the hardship occasioned by fuel subsidy removal.
This followed public criticism of the policy with organised labour saying it falls far from the level of intervention required to ease the pains of vulnerable Nigerians.
Vice President Kashim Shettima is chairing the meeting which began at 11:35 am after an opening prayer by the Osun State Governor, Ademola Adeleke.
Attendees will, among other activities, receive recommendations to mitigate the effects of the removal of the petrol subsidy on workers, including a proposed living wage adjustment estimated at N702.9bn in allowances.
Those at 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.
Also present are 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.
The Governors of 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 present. While Enugu, Oyo, Rivers, Adamawa, and Kano states are represented by their Deputy Governors.