The Nigeria Governors Forum has called for immediate removal of subsidy and full deregulation of premium motor spirit also known as petrol.
Solacebase reports that a committee set up by the NGF recommended a petrol price of between N408.5 per litre and N380 per litre.
The NGF committee on subsidy on petrol headed by Governor of Kaduna State, Nasir el-Rufai, gave a briefing on the appropriate pricing of PMS in Nigeria, at the 7th teleconference of the Forum in the year 2021 held on Wednesday.
It quoted el-Rufai as noting that between N70 billion and N210 billion was estimated to be spent every month to keep petrol price at N162/litre, “a situation that is completely unsustainable.”
He explained that the current subsidy regime was unsustainable because smugglers and illegal markets in neighbouring African countries were the beneficiaries.
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The committee recommended that the removal of subsidies should be immediate to save the nation’s economy.
He noted that Nigeria, like other Organisation of the Petroleum Exporting Countries member countries, agreed to cut production to keep the prices high but that Nigeria could not fully benefit from the regime because of subsidies.
The Kaduna state governor said, “Between N70bn and N210bn is estimated to be spent every month to keep petrol price at N162 per litre, this is below the cost price and the remittance to the federation account will shrink to less than N50bn per month or even zero if threats persist.
“Why are we keeping the price at N162? We are keeping the price because the Federal Government and trade unions met and agreed to the suspension of some industrial action months back.
“Even though we all supported deregulation of petroleum products prices last year, this agreement was suspended by the Federal Government because of a threat of industrial action by unions. This is the root of the problem and now we are back to losing between N70bn to N210bn per month.”
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He further explained that in the 2021 budget the Nigerian National Petroleum Corporation had committed to remitting a minimum of N120bn per month to the federation account, but it had been unable to do so.
El-Rufai further explained that only about 12 states consumed two-thirds of the petrol, which was heavily subsidised.
The committee recommended N408.5 litre as the appropriate price in the circumstance but that with concessions to labour unions, N380 per litre could be the minimum.
El-Rufai stated, “The committee recommends PMS pump price increment from the current N162per litre to N408.5 per litre (negotiations with organized labour unions). N380per litre (settlement with organized labour).”
This, he said, was necessary to free funds for critical projects and payment of other obligations.
Read Also:Nigeria states to get $2m each to accomplish GIS — NGF
Other governors who contributed to the debate included Governor Dapo Abiodun of Ogun State who said the 93 million litres which the NNPC claimed was consumed in Nigeria daily was unacceptable.
While addressing the media after the meeting, Fayemi, who spoke on some of the issues discussed, appealed to labour to give peace a chance in Kaduna by returning to the negotiation table.
In response to a question on the ongoing strike by the judiciary and parliament workers, Fayemi said most of the issues had been agreed on.
He explained that the forum was not in direct negotiations with the striking union but with the representatives of the National Judicial Council and the speakers’ parliament.
Fayemi said, “It is in the interest of Nigeria that they return to work for justice to be dispensed to many Nigerians awaiting trial or justice.“
The forum in a communiqué signed by its Chairman and the Ekiti State Governor, Dr Kayode Fayemi, agreed on the need to continue to maintain COVID public health guidelines and vaccination protocols to ensure that the transmission of the virus was kept at the lowest level possible.
Read Also:NLC Vs KDSG: El- Rufai gives condition to attend FG negotiation meeting
The communiqué noted that the Governor of Delta State, Dr Ifeanyi Okowa, who is the NGF Chairman, Sub-Committee interfacing with the Presidential Steering Committee (PSC) on COVID-19 provided an update to the Forum on the activities of the PSC.
It stated that Okowa informed the forum’s members of the expected commencement of the administration of the second dose of the AstraZeneca vaccine in the country, starting with those who received the first batch of the vaccine.
“The Governor noted that the PSC is currently working to get additional vaccine doses for the country.
“He urged his colleagues to continue to maintain COVID public health guidelines to ensure that the transmission of the virus is kept at the lowest level possible,” the communiqué stated.
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