The Presidential Economic Advisory Council has asked the President, Major General Muhammadu Buhari (retd.), to remove subsidy on petrol and adopt a pricing regime that reflects the cost of the commodity, The PUNCH reports.
Buhari had in 2019 set up the council chaired by Prof Doyin Salami to replace the regime’s defunct Economic Management Team led by Vice-President Yemi Osinbajo.
The council, charged with the responsibility of advising the President on economic policy matters including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies, reports directly to Buhari.
Its advice that petrol subsidy be removed formed part of its presentation at its sixth regular meeting with the President last Friday, when it also warned that the subsidy regime would worsen solvency of state governments.
According to the document presented at the meeting, a copy of which was obtained by The PUNCH on Sunday, the council drew Buhari’s attention to three issues that it said required urgent attention.
They include the need for policy clarity with regard to fuel subsidies which it said would help resolve the dilemma which rising crude oil prices present; the worsening security environment which it said had adversely affected food production leading to higher prices; and the need for the Petroleum Industry Bill to encourage investment in Nigeria’s oil and gas sector.
Credit: punchng.com
The post Remove petrol subsidy, Economic Council tells Buhari appeared first on The Chronicle Online.
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