President Bola Tinubu has instructed the National Economic Council (NEC), headed by Vice President Kashim Shettima, to initiate efforts to develop interventions aimed at mitigating the consequences of subsidy removal on the populace.
This directive comes in response to the generous contribution of 100 mass transit buses valued at N10 billion by major oil marketers, who have pledged their support to the federal government in alleviating the impact of subsidy removal.
The Governor of Ogun State, Dapo Abiodun, stated this after leading some major oil marketers on a courtesy call on President Bola Tinubu at the Presidential Villa, Abuja.
Speaking to State House correspondents after the courtesy visit, the governor expressed that the marketers’ presence at the presidential villa was to demonstrate solidarity with the president for his courageous decision to terminate subsidy payments.
He highlighted that Tinubu’s action exhibited his unwavering determination to eradicate the long-standing drain on the nation’s resources.
The governor emphasized that the country’s annual expenditure of approximately N4 trillion on subsidies should now be channeled to the Federation Account Allocation Committee (FAAC) for equitable distribution among the three tiers of government.
Acknowledging that there may be temporary discomfort for the people, the governor affirmed that the long-term benefits of this move would far outweigh the initial challenges.
He emphasized that measures such as raising the minimum wage, providing transportation allowances, or implementing intervention programs would only serve as temporary solutions.
He stressed that the ultimate resolution lies in transitioning the entire country to clean energy, thereby paving the way for sustainable progress.
