Vice President Yemi Osinbajo is currently presiding over the National Economic Council NEC meeting at the Presidential Villa in Abuja, which is attended by a large number of state governors.
Osinbajo announced the Nigeria COVID-19 Action Recovery and Economic Stimulus NG-CARES Program before to the start of the meeting.
The program is supported by a N750 million loan from the World Bank.
As at the time of filing this report, there are strong indications that the meeting would deliberate on the contentious issue of fuel subsidy.
It was reliably gathered that most of the state governors who are members of NEC are not favourably disposed to the situation where deductions are made from their federal allocations, which goes into subsidising fuel products for the populace.
Osinbajo serves as chairman of the National Economic Council while the 36 state governors are members, including the FCT Minister, Mohammed Bello, the Minister of Budget and National Planning, Zainab Ahmed among other key agencies of government.
Meanwhile, at the federal level, the government appears to be at crossroads in taking concrete decisions on fuel subsidy removal owing to economic constraints.
More details later…