President Bola Tinibu on Tuesday met with the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.
Those are two very important agencies that hold Nigeria’s money, both the inflow and outflow.Â
Now, the details of this meeting has surfaced.
The President had met with Emefiele and Kyari on his first day in office.
The meeting was held in the Presidential Villa, Abuja.
Fuel Subsidy
Sources from the presidency reveal that the meeting was centred on the removal of the fuel subsidy.
President Tinubu, during his inaugural speech on May 29 announced that subsidy was gone, as it was not provided for in the 2023 budget.
However, sources from the presidency say the removal of petrol subsidy will no longer be immediate.
The source stated that the reason for the meeting was to clarify issues surrounding the fuel subsidy.
Benchmark For Price
He explained that there were plans to engage labour “anytime from today to ensure the seamless removal of the subsidy”.
A source said one of the fallouts of the meeting was for NNPCL to set up a template that would ensure that no toxic fuel was imported into the country and also create a benchmark for price.
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The clarification came as scarcity of fuel ground activities in major cities nationwide on Monday.
Long queues were spotted in many petrol stations as marketers who started hoarding fuel sold the product for as high as ₦600.00 per litre.
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The development forced drivers to increase the price of transportation.
