The President of Nigeria, Bola Tinubu have informed the National Economic Council, NEC, led by Vice President Kashim Shettima that he would not for any reason tolerate excuse for failure.
The council, which oversees the economy, is composed of the vice president, 36 federation governors, the governor of the Central Bank of Nigeria, CBN, and other coopted government officials.
In response to the National Income, Salaries and Wages Commission’s suggestion to pay workers a consequential adjustment of N702.919 billion to lessen the impact of the elimination of fuel subsidies, the council announced that it will take Tinubu’s warning into consideration.
Addressing the council before it went into a closed-door meeting, President Tinubu directed it to come up with interventions to mitigate the effects of petroleum subsidy removal.
He charged the council to support his administration in transforming the economic fortunes of the country.
Tinubu said the task of growing the nation’s economy was enormous, adding that there should be ‘no excuse for failure.’
He restated his administration’s commitment to delivering on its promises to Nigerians.
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Rising from its maiden meeting, the NEC also said the recommendation for another payment of N25 billion monthly petroleum allowance to workers to mitigate the effect of the termination of payment of subsidy would be considered.
The governor of Bauchi State, Bala Mohammed disclosed this while briefing State House correspondents at the end of the maiden NEC meeting chaired by Vice President Kashim Shettima at the Council Chamber, Presidential Villa, Abuja.
He said that the government has looked at all the issues on subsidy removal, the challenges and problems holistically and set up a small committee of council to review and come up with a term of reference that will help to alleviate the problem of workers and other vulnerable groups.
According to him, the committee is composed of Governors of Kebbi state,as Chairman, Anambra representing the South East geopolitical zone. Benue North Central, Kaduna Northwest, Bauchi, representing the northeast, Cross River, South South and Oyo state southwest.