Saturday, September 24th, 2022

NECA worry over N3trn approval for fuel subsidy.

NECA worry over N3trn approval for fuel subsidy.

Nigeria Employers Consultative Association, NECA, has communicate fears that the N3trn bill approved by the Executive Council, FEC, to cup fuel subsidy for 18 months, was “neither desirable nor sustainable”. The NNPC, last week had proposed a bill of N3trn to the Federal Executive Council, FEC, to cup up cost of subsidy for the  next

Nigeria Employers Consultative Association, NECA, has communicate fears that the N3trn bill approved by the Executive Council, FEC, to cup fuel subsidy for 18 months, was “neither desirable nor sustainable”.

The NNPC, last week had proposed a bill of N3trn to the Federal Executive Council, FEC, to cup up cost of subsidy for the  next 18 months, July 2022 to June 2023. Stating that its removal would be suspended.

NECA,  rejoinders proposed N3trn bill.

The NECA, which stands as the umbrella body for all employers in the country, stated that for government to effect total removal of subsidy on petrol, it must take urgent steps to address the predicted socio-economic issues which would arise as a result.

The NECA, has reacted to the proposed N3trn bill to help cover the subsidy for the next 18 months by the Federal Government, “The subject of fuel subsidy has become a matter of perpetual recurrence.

In the recent past, we had opined that the removal of fuel subsidy was due and in the best interest of the country. However, we were deeply concerned about the timing, in view of the nation’s continued dwindling economy.

Consequently, we encourage the government to engage relevant stakeholders, given the huge impact the removal would have on household income and spending before its implementation”.

However, the Federal Executive Council, has concluded it was best to approved the proposed N3trn bill to help cup subsidy for the next 18 months, despite the dis-agreement from the NLC and the host of others last week.

“NECA is the foremost business membership organization of employers in the Organized Private Sector of Nigeria. It was formed in 1957 to provide the forum for the Government to consult with private sector employers on socio-economic and labour policy issues.

It provides a platform for private sector employers to interact with the government, labour, communities and other relevant institutions in and outside Nigeria for the purpose of promoting harmonious business environment that will engender productivity and prosperity for the benefit of all”. This section is culled from LINKEDIN.https://ng.linkedin.com/company/nigeria-employers%27-consultative-association-neca-

Olaoluwa Alabi
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