JUST IN: NEC meets amid rising gas costs, financial issues

Nigeria’s highest financial advisory physique, the Nationwide Financial Council, at the moment meets within the Chambers of the Presidential Villa in Abuja.

Thursday’s assembly comes 48 hours after the Nigerian Nationwide Petroleum Firm Restricted revised the petrol pump worth from N540/litre to N617/litre, the second main hike because the elimination of petrol subsidy on Could 29, by President Bola Tinubu.

PUNCH experiences that Tuesday’s worth hike sparked outrage amongst Nigerians, at the same time as enterprise house owners and members of the organized non-public sector expressed fears of doable enterprise closures and job losses.

Earlier, the federal authorities stated it could evaluate earlier plans to distribute month-to-month money grants of N8,000 to 12 million households for six months as a part of efforts to ease the hardship attributable to the elimination of gas subsidy.

This adopted public criticism of the coverage by organized labor saying it fell far in need of the extent of intervention wanted to ease the ache of susceptible Nigerians.

Vice President Kashim Shettima is presiding over the assembly which began at 11:35am after a gap prayer by the Governor of Osun State, Ademola Adeleke.

The attendees will, amongst different actions, obtain suggestions to mitigate the results of the elimination of petrol subsidy on staff, together with the proposed residing wage adjustment estimated at N702.9 billion in allowances.

On the assembly are the Secretary of the Authorities of the Federation, George Akume; Group CEO of NNPCL, Mele Kyari, Performing Governor of the Central Financial institution, Folashodun Shonubi, Performing Accountant Basic of the Federation and Everlasting Secretaries of the Ministries of Petroleum, Agriculture and Finances and Nationwide Planning.

Additionally current are the Chairman of the Nigeria Governors Discussion board, Abdulrahman Abdulrazaq from Kwara State and the Chairman of the Progressive Governors Discussion board, Hope Uzodinma from Imo State.

Governors of Gombe, Katsina, Lagos, Nasarawa, Ogun, Kaduna, Kebbi, Yobe, Delta, Bayelsa, Abia, Zamfara, Anambra, Bauchi, Jigawa, Cross River, Plateau, Edo, Benue, Akwa Ibom and Sokoto are additionally in attendance. Whereas Enugu, Oyo, Rivers, Adamawa and Kano states are represented by their deputy governors.

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