President Bola Tinubu has instructed the National Economic Council, NEC, headed by Vice President Kashim Shettima, to start developing measures to lessen the effects of subsidy removal on the populace.
This is due to the fact that the big oil marketers gave the federal government 100 mass transit buses for N10 billion to lessen the impact of the loss of subsidies.
Dapo Abiodun, the governor of Ogun State, made this statement after escorting a number of significant oil marketers on a courtesy visit to President Bola Tinubu at the Presidential Villa in Abuja.
After the courtesy call, the governor informed State House reporters that the marketers had visited the presidential mansion to show support for the president’s audacious decision to stop subsidy payments.
He observed that Tinubu’s conduct demonstrated his boldness and resolve to stop the hemorrhage that had plagued the nation for years.
According to him, the nation spends roughly N4 trillion a year on subsidies, which should now be distributed among the three levels of government by the Federation Account Allocation Committee, FAAC.
The governor claimed that while the people would experience some difficulty, the decision will ultimately be beneficial because there can be no gains without suffering.
He emphasized that any measures implemented, such as raising the minimum wage, providing transportation benefits, or implementing intervention programs, would only be short-term fixes. He continued by saying that switching the entire nation over to clean energy is the actual solution.
According to him, Diesel and petrol-powered vehicles are no longer feasible, adding that Nigeria should follow the example of other countries, such as Egypt, where mass transit runs on compressed natural gas (CNG), and some vehicles run on electricity.
“These will be what will be sustainable that will allow us to transport people, goods and services at prices that are reasonable. That is the kind of thing that we are looking at, the kind of discussions that we’re having with Mr President and the kind of approach that this administration looking at in terms of sustainability.”
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