- The promise made by FG to replace the oil subsidy with a payment of N5,000 stipend each to 40 million citizens has continued to generate reactions from the various quarters in the country
- Following this news, the NLC has reacted angrily to FG's decision over fuel price increment in the guise of subsidy removal and electricity price hike
- Recently, Vice President Yemi Osinbajo's panel would be meeting with the NLC to deliberate matters arising
A panel chaired by Vice President Yemi Osinbajo would meet with the Nigeria Labour Congress and other stakeholders to consider the proposed N5,000 transport palliative and other options aimed at ameliorating the effects of the planned subsidy removal on Nigerians.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this disclosure on Wednesday, January 5, while responding to questions by journalists at the public presentation of the 2022 budget, The Punch reports.
According to the minister, the federal government is determined to remove subsidy on petrol.
Ahmed added that the FG was set to comply with the provisions of the Petroleum Industry Act 2021 to fully deregulate the prices of petroleum products.
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Ahmed, who pointed out that the committee was set up to explore the various proposals, disclosed that the panel would resume deliberations after the New Year holiday to engage the NLC and accept its inputs.
Subsidy removal and 3 Other tough economic decisions by FG that will impact you heavily in 2022
As Buhari's government scrambles for more money to service mounting debts, it will thrust deep into the pockets of Nigerians in the year ahead.
The government has consistently maintained that it has lean resources to cater to the ever-exploding population in the country.
NNPC: Report reveals subsidy payment cross over N1 trillion in 2021, with more payment scheduled for December
In other news, Petrol subsidy payments for 2021 have hit N1.03 trillion in the first 10 months of 2021, shrinking monthly revenue accrued to the federation account.
Legit.ng understands the Nigerian National Petroleum Company Limited revealed this in its latest report containing the presentation made to the FAAC meeting in November 2021.
The subsidy payment in the report was indicated as under-recovery which is the underpriced sales of premium motor spirit (PMS), better known as petrol.