The National Economic Council (NEC) is now meeting in the Presidential Villa’s Council Chambers in Abuja. The Nigerian Economic Council (NEC) is the country’s highest economic advisory body.
This meeting comes 48 hours after the Nigerian National Petroleum Company Limited raised the fuel pump price from N540/litre to N617/litre, the second big rise since President Bola Tinubu discontinued petrol subsidies on May 29.
The price increase on Tuesday sparked fury among Nigerians, even as business owners and members of the organized private sector expressed concern about potential firm closures and job losses.
Earlier, the Federal Government stated that it will reconsider previous plans to pay monthly cash grants of N8,000 to 12 million households for six months as part of efforts to alleviate the suffering caused by the elimination of fuel subsidies.
The meeting, chaired by Vice President Kashim Shettima, commenced at 11:35 a.m., following an opening prayer by Osun State Governor Ademola Adeleke.
Among other things, attendees will get proposals to minimize the consequences of the loss of the petrol subsidy on workers, including a recommended living wage adjustment worth N702.9 billion in allowances.
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