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Fuel Subsidy Removal: Fayemi Gives Update On Petrol Price Increase

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Governor Kayode Fayemi of Ekiti State has disclosed that the federal government has the right to decide whether to remove or retain fuel subsidy.

Speaking after the National Economic Council NEC meeting chaired by Vice President Yemi Osinbajo, Fayemi said the decision to increase the pump price of petrol is not with the State Governors.

The Chairman of the Nigeria Governors’ Forum revealed that the forum will meet with the leadership of the Nigeria Labour Congress and the Trade Union Congress regarding the planned petrol price increase.

Fayemi said the meeting is to discuss how the imminent increase will not cause any disaffection but with a view to salvaging the Nigerian economy for the Nigerian people.

He said: “For us at the forum, it is a matter that is a going concern. We don’t have a definite issue on it because it is left to the Petroleum Industry Act. It is not for us. NNPC is now a private company and the company should decide what it wants to do with the price of its products. It shouldn’t really be the business of Governors.

“It is not up to sub-nationals to decide on what happens to PMS pricing. It is an entirely exclusive responsibility of the Federal Government.

“However, we are critical stakeholders and we are members of the National Economic Council, so we contribute to debates in the Council.

Naija News reports that Nigerians may soon pay more for petrol after NEC allegedly recommended that the petrol pump price should be increased to ₦302 per litre.

Meanwhile, former Head of State, General Abdulsalami Abubakar (Rtd), on Thursday warned against the increase in the pump price of fuel.

Abubakar, while speaking at the 19th Daily Trust Dialogue in Abuja, warned that the increase will push more Nigerians into poverty.

He said: “Insecurity in the country is worsened by our dear economic situation. Unemployment and underemployment remain at the high level. Over 18 million Nigerians are still caught up in needless poverty. All of these tend to have negative effects on security. In fact, Nigeria now faces a full security crisis that is confounded by the COVID-19 global pandemic and the banditry in many states in Northern Nigeria.

“Most of these have disrupted the final value change across the country and negatively impacted the ability of Nigeria to produce, process, and distribute.

“There is a continuous rise in the prices of food items beyond the reach of many Nigerians. On top of all these, fuel prices are expected to rise significantly in the coming months as announced last November. We all know that when this happens, it will push many millions of Nigerians into poverty.”

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