Yemi Osinbajo NEC denies recommending fuel price increase to N302

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The Office of the Vice President has denied that the Yemi Osinbajo-led National Economic Council (NEC) recommended lifting the price of Premium Motor Spirit (PMS), otherwise known as petrol to N302 per litre.

This was disclosed in a statement by the vice president’s media aide, Laolu Akande on Wednesday.

According to reports, the recommendations were suggested by the NEC ad-hoc committee interfacing with the Nigerian National Petroleum Corporation (NNPC) on the appropriate pricing of PMS in Nigeria.

What the Vice President’s media aide is saying

Mr Akande said, “While there are indeed ongoing discussions on the issue of fuel subsidy, at no time has NEC made any such resolution as this report claims.”

He added that public discourse can be better served by seeking further clarification from relevant quarters on matters of such importance.

What you should know

  • Nairametrics earlier reported that the Senate President, Ahmed Lawan, said that President Muhammadu Buhari has not directed anyone in his administration to implement the removal of petroleum subsidy.
  • Recall that in May 2021, the Nigeria Governors’ Forum (NGF) had also recommended N385 per litre — but stakeholders, including the Nigerian government, rejected the recommendation.
  • Nigeria is expected to drop fuel subsidies in 2022, with the presidency expected to complete plans on a transport welfare scheme for up to 40 million Nigerians.
  • Petrol price is currently between N162 and N165 per litre in Nigeria.

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