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.
