The National Economic Council(NEC) says it has received a proposal from stakeholders for a consequential adjustment estimated at N702.9 billion to cushion the effect of subsidy removal on Nigerian workers.
Gov. Bala Mohammed of Bauchi State briefed State House correspondents after NEC meeting presided over by Vice President Kashim Shettima on Thursday at the Presidential Villa, Abuja.
He said that it was resolved that a committee be set up to appraise the recommendation with regards to how funds would be sourced and the mode of disbursement.
“NEC has taken very far reaching decisions and deliberations on the issue of the removal of petroleum Premium Motor Spirit subsidy and its general impact on the economy, the federation and the sub nationals, including workers and everybody, that are vulnerable.
“Specifically on the issue of National Salaries, Income and Wages Commission, NEC has received recommendations on the various ways and means that the country can use whatever increases that we have in the revenue to mitigate the impact that is going to make on the lives of our workers and all those people involved.
“ They gave us a scenario recommending that there should be a consequential adjustment, estimated at N702.9 billion as part of the allowances that should be given as petroleum allowance to all workers and as well as a N23 or N25 billion monthly offer to cushion the effect on workers.
