President Bola Tinubu has directed the National Economic Council, NEC, to start the process of providing palliatives to cushion the effect of fuel subsidy removal on Nigerians.
NEC is chaired by the vice president, Kashim Shettima.
The president gave the directive on Wednesday during a meeting with some oil marketers led by Governor Dapo Abiodun of Ogun State at the Presidential Villa.
Addressing journalists shortly after the meeting, Abiodun said the marketers were in support of the removal of the fuel subsidy by the president.
The marketers also promised to contribute to the effort of the government to cushion the effects of the removal of fuel subsidy.
It would be recalled that Tinubu announced the removal of fuel subsidy in his inaugural speech on May 29.
He said no provision was made for the subsidy in the 2023 budget.
The announcement has since led to increase in the petrol pump price from about N186 to over N500.
The organised labour had earlier threatened to protest the increase in the pump price, arguing that it was necessary to consider certain basic factors before the new price template by the Nigerian National Petroleum Corporation Limited, NNPCL, was released.
