National Economic Council To Hold Its Monthly Meeting Today In Abuja

The National Economic Council (NEC), which is a constitutional advisory economic body of the Federal government, is meeting for the second time since President Tinubu assumed office on May 29, 2023, with Vice President Shettima presiding.

The meeting, billed to hold at the Banquet Hall of the State House, with all the 36 state governor’s in attendance, would also consider the palliatives being proposed by federal government to cushion the effect of the fuel subsidy removal on Nigerians.

This was just as the House of Representatives yesterday summoned the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, alongside independent petrol marketers over petrol pump price increase from N537 to N617 per litre in Abuja.

Consequently, the House set up an ad-hoc committee to investigate circumstances leading to the latest price increase by the NNPC and the marketers as well as the proposed palliative measures to be taken to ameliorate the sufferings of Nigerians and report back to the green chamber within four weeks for further legislative action.

But the Independent Petroleum Marketers Association of Nigeria (IPMAN) has appealed to Nigerians for their understanding following the latest petrol price increase.

The presidential candidate of the Social Democratic Party (SDP) in the 2023 general election, Adewole Adebayo, criticised Tinubu for his alleged hypocrisy concerning fuel subsidy removal.

The NNPC on Tuesday, announced an increase in pump price of petrol in its Abuja filling stations, from N537 per litre to N617.

Kyari, had claimed market forces were responsible for the increase in pump price of petrol and had said there was no shortage in product supply.

Speaking with newsmen yesterday after meeting with Vice President Kashim Shettima at the State House, Abuja, the NNPC boss had explained that the increase was not based on short supply of fuel.

According to him, “They are just prices depending on the market realities. This is the meaning of making sure that the market regulates itself. Prices will go up and sometimes they will come down also.

“No, there is no supply issue. It is not a supply issue. When you go to the market, you buy the product, you come to the market and sell it at its prevailing market price. It has nothing to do with supply. We don’t have supply issues.”

Following the petrol price increase, the Nigeria Labour Congress (NLC) President, Joe Ajaero, had accused the government of callousness.

The NLC had also threatened to pull out of ongoing talks with the federal government on how to cushion the effects of the petrol subsidy removal on its members.

The resolutions of the House of Representatives followed the adoption of a motion on the urgent need to investigate the arbitrary increase of Petrol Pump Price from N537 to N617 by petrol marketers and the NNPC moved by Hon. Ikeagwuonu Onyinye Ugochinyere, at plenary.

Ugochinyere, while presenting the motion noted that section 88 (1) and (2) of the constitution of the Federal Republic of Nigeria, 1999 (As Amended) empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly.

Adding that Section 32 of the Petroleum Industry Act. 2021, saddles the Petroleum Midstream and Downstream Regulatory Authority with the task of regulating and monitoring technical and commercial midstream and downstream petroleum operations in Nigeria.

He further informed the House that on Tuesday 18″ July, 2023 petrol pump Price was increased from N537 to N617, by petrol marketers, without conferring with the relevant agencies of government.

“In view of the current socio-economic challenges being faced by Nigerians, a hike in the price of fuel will heap great suffering and hardship on Nigerians,” he added.

The House thereby resolved to constitute an Adhoc committee whose membership would be drawn from across the 36 states of the Federation to prove into the issue accordingly.