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Daily Fuel Consumption Decreases From 65m To 40m

During the NEC meeting, President Tinubu expressed his willingness to collaborate in governance to address the economy and enhance the welfare of the Nigerian people, emphasizing that he would not be a justification for failure.

President Bola Tinubu’s announcement on May 29, 2023, regarding the removal of fuel subsidy has led to a decrease in daily petrol consumption by Nigerians from 65 million to 40 million. Abia State Governor, Alex Otti, shared this information after the inauguration of the National Economic Council (NEC), which was chaired by Vice President Kashim Shettima at the Council Chamber, Presidential Villa, Abuja.

During the NEC meeting, President Tinubu expressed his willingness to collaborate in governance to address the economy and enhance the welfare of the Nigerian people, emphasizing that he would not be a justification for failure.

Governor Bala Mohammed of Bauchi State mentioned that the government thoroughly deliberated on the issues related to subsidy removal, considering the challenges and problems comprehensively. As a result, a small committee was formed within the council to review the situation and establish a set of guidelines that would help alleviate the difficulties faced by workers and other vulnerable groups.

According to Governor Mohammed, the committee consists of the Governors of Kebbi State as Chairman, Anambra representing the South East geopolitical zone, Benue representing the North Central region, Kaduna representing the Northwest, Bauchi representing the Northeast, Cross River representing the South-South, and Oyo representing the Southwest.

Speaking after the meeting, Otti said, “As part of the inaugural national economic council meeting today, the major focus was on the removal of petroleum subsidy and implied the removal of subsidy on foreign exchange, which has led to some convergence of some sort.

“The impact of these two actions definitely is increased prices. And as a way to solve the problem and reduce the shock, a presentation was made by the National Automotive Design and Development Council on the great things that are happening in the automotive industry.

“It was that about six states in the country, including Lagos, Ogun, Anambra, Enugu, Akwa Ibom, Kaduna and Kano that have benefited from domestic production of vehicles or assembling of vehicles by Nigerian companies operating in Nigeria. And these companies include INNOSON, Maikano, Dangote Peugeot, Peugeot Automobile of Nigeria, Stallion Hyundai, Honda, Elizade/Toyota, Coscharis and Ford, Kojo Motors, Jet Systems motors.”

Otti acknowledged that Tinubu’s administration deserves recognition for its efforts in removing the subsidy and simultaneously providing palliative measures. Additionally, Otti revealed that there has been a decline in fuel consumption within the country.

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