President Bola Tinubu has instructed the National Economic Council (NEC), led by Vice President Kashim Shettima, to initiate measures aimed at alleviating the impact of subsidy removal on Nigerians. This directive was given during a meeting between Tinubu and prominent oil marketers, headed by Ogun State governor, Dapo Abiodun, at the State House in Abuja on Wednesday.
During his inaugural speech on May 29 at the Eagle Square in Abuja, Tinubu had previously announced the elimination of subsidy payments on petrol. As a result, the Nigeria National Petroleum Company Limited adjusted the pump price to align with the prevailing international rates.
In response to this development, the Organised Labour initially planned a nationwide strike commencing on Wednesday but later decided to suspend it following a meeting with the Federal Government on Monday.
Governor Abiodun, speaking to reporters after the meeting, expressed the marketers’ solidarity with the President’s decision to remove the N4 trillion subsidy burden. This move is expected to augment the allocation to states through the Federation Account Allocation Committee (FAAC).
Additionally, the group of marketers pledged to donate a total of 50 to 100 fifty-seater mass transit buses that operate on compressed natural gas (CNG). These buses, costing N100 million each and totaling N10 billion collectively, aim to alleviate the impact of the subsidy removal within the next 30 days.