The National Economic Council (NEC) on Thursday said the decision on the removal of petrol subsidy will be taken in June when the provision for its payment in the 2022 budget expires.
This was disclosed by Nasarawa State Governor Abdulahi Sule and his Edo state counterpart, Godwin Obaseki while addressing State House correspondents on the outcome of the NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
The NEC said the Nigerian National Petroleum Corporation (NNPC) Limited must be run differently since it is now an limited liability company.
They said it was understandable that the provision for the payment of the subsidy is made in the 2022 budget only until June.
Governor Sule said the NEC was yet to take a position on it despite its series of deliberations on the matter.
Also, Obaseki said Premium Motor Spirit (PMS), which sells for N162-165 per liter in Nigeria, sells a hundred percent higher in other countries.
The Edo governor said the federal government was spending about N2 trillion on petroleum subsidies, an amount he said could have been used for other purposes.
He said the NEC, therefore, wondered whether that should be allowed to continue in a situation where he observed only two thirds of the states of the federation consume the subsidy.
