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Can the NEC Inauguration Effectively Mitigate the Consequences of Fuel Subsidy Removal?

Eriki Joan UgunushebyEriki Joan Ugunushe
June 16, 2023
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Can the NEC Inauguration Effectively Mitigate the Consequences of Fuel Subsidy Removal?
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Following its inauguration by President Bola Tinubu, the National Economic Council (NEC) has swiftly commenced its work. During its first meeting, chaired by Vice-President Kashim Shettima, the council convened to address the adverse impacts of fuel subsidy removal on citizens and explore options for revisiting the minimum wage.

In response to these concerns, the NEC established an ad hoc committee, assigned with the task of alleviating the hardships faced by Nigerian workers due to the subsidy removal. The Office of the Vice President released a statement confirming the council’s decision, granting the committee a two-week timeframe to examine two proposed scenarios put forward by the National Salaries Wages and Income Commission (NSWIC).

According to the statement, the council also discussed the need to review the national minimum wage to reflect present-day realities. Additionally, Mr. Ekpo Nta, the Chairman of NSWIC, proposed the creation of a cost of living adjustment allowance, amounting to $702.9 billion, aimed at mitigating the impact of the subsidy removal on workers.

In addition to these matters, the NEC provided an update on the nation’s accounts, reporting that the Excess Crude Account currently holds $473,754.56, the Stabilisation Account contains $26.6 billion, and the Natural Resources Fund stands at $96.9 billion.

As Nigerians eagerly anticipate the actions of the NEC, their hopes are pinned on the council’s ability to alleviate the suffering endured by the populace. This presidential initiative deserves recognition and support in its mission to mitigate the challenges faced by Nigerians.

Tags: inauguration by President Bola Tinubuswiftly commenced its workthe National Economic Council (NEC)
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

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