President Bola Tinubu held a crucial meeting on Wednesday with prominent oil marketers to discuss the removal of petrol subsidy.
Led by Governor Dapo Abiodun of Ogun State, the delegation expressed their support and solidarity with Tinubu for his decisive action.
During the meeting, Governor Abiodun revealed that President Tinubu had instructed the National Economic Council (NEC), led by Vice-President Kashim Shettima, to initiate the process of developing interventions that would mitigate the impact of subsidy removal on the Nigerian people.
Governor Abiodun hailed Tinubu’s determination and courage in addressing the long-standing issue that has plagued the country for decades.
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Recognizing that some discomfort may be experienced by citizens, Abiodun stressed that the eventual outcome would outweigh the temporary challenges.
In a significant show of support, the oil marketers announced their commitment to providing Compressed Natural Gas (CNG) buses worth approximately N10 billion. This contribution is expected to bolster the success of the initiative.
Governor Abiodun emphasized that such actions, along with potential increases in minimum wage, transportation allowances, and intervention programs, would serve as temporary solutions.
Governor Abiodun further highlighted the need for Nigeria to transition to cleaner energy sources as a long-term and sustainable solution.
He cited examples from other countries, such as Egypt, where mass transit systems are powered by CNG and electricity, signaling the viability of such alternatives.
The governor urged the country to embrace a similar approach, emphasizing that it would allow for the transportation of people, goods, and services at reasonable prices.
“These sustainable solutions will ensure the efficient movement of people and goods while maintaining affordability,” Governor Abiodun stated.
He added that discussions with President Tinubu revolved around adopting an approach that prioritizes long-term sustainability, aligning with the administration’s vision.
Governor Abiodun also acknowledged that several states had already implemented interventions, such as reducing working days, to mitigate the impact of subsidy removal.
He assured Nigerians that the removal of the subsidy would result in increased funds being available to states through the Federation Account Allocation Commission (FAAC).