The Nigeria Employers Consultative Association, NECA has expressed concerns that the three trillion naira approved by the Federal Executive Council, FEC, to cover subsidy petrol for 18 months, was neither necessary nor sustainable for the overall revival of the economy.
NECA, which is the umbrella body for all employers in the country, however, opposed that for government to effect total removal of subsidy on fuel, it must take urgent actions to address the expected socio-economic issues which would arise as a result.
The Association decried that the subject of fuel subsidy has become a matter of perpetual recurrence.
NECA however encouraged the government to involve relevant stakeholders, given the huge impact the removal would have on household income and spending before its implementation.
It will be recalled that the Nigeria National Petroleum Corporation, NNPC, forwarded a proposal of 3 trillion naira to the Federal Executive Council, FEC, last Wednesday to cover cost of subsidy for 18 months, July 2022 to June 2023, stating that its removal would be suspended.