The Federal Government is yet to finalise decisions on palliative measures it intends for Nigerians as it plans to end petrol subsidy by June this year.
Minister of State for Budget and National Planning, Clem Agba, said on Wednesday that the delay is in harmonising different positions from stakeholders.
The Federal Government has already budgeted to spend N3.35 trillion on petrol subsidies from January till June 2023.
Addressing State House Correspondents after the Federal Executive Council (FEC) meeting, chaired by President Muhammadu Buhari in Abuja, the Minister recalled that a Committee headed by Vice President Yemi Osinbajo had been working with the National Economic Council (NEC), on palliatives that will help to cushion the effect of the subsidy removal, for over a year.
He explained that the situation requires time because it would affect the entire nation, adding that they want to ensure that everyone is carried along.
Agba further explained that the Ministry of Petroleum Resources and other relevant agencies have also been working on the issue.
He disclosed however that, “the Minister of State, Petroleum Resources will be in a position provide more updates.”
Speaking on the committee’s work, he said: “For over a year plus now, the Vice President, Yemi Osinbajo has been leading a Committee working on this and the National Economic Council also has a committee that has also been working on this.
“So, the stage that we are in now is how to finalize the suggestions that have cone out from both the federal government and the Governors side. Like you know, it is something that is going to affect the entire nation.
“They will just have to ensure that everyone is carried along, that is both the federal and subnational governments.”
Meanwhile, the Council also approved Nigeria Agenda 2050 which aims to make Nigeria a high income economy.
Nigeria Agenda 2050 is a perspective plan designed to transform the country into an “Upper-Middle Income Country”, with a significant improvement in per capita income.
The plan aims to fully engage all resources, reduce poverty, achieve social and economic stability.
Agba, explained that the Nigeria Agenda 2050 projects annual average real GDP growth of 7.0%.
The council also approved N15 billion for the award of contract for the construction of an access road from the existing Benin-Asaba expressway to approach link road to second Niger bridge in Delta State.
Minister of Information Lai Mohammed, who briefed on behalf of his counterpart in the Works and Housing ministry, said that the Council approved N9 billion as Revised estimated total cost of contract for the Phase 1 dualization of the Suleja- Minna road in Niger State.
The Sum of N8 billion was also approved by the Council on Wednesday for the construction of Jatu Dam in Etsako west Local goverment area of Edo state to provide portable water and all year water for farming for the community.
He said the Edo state government is to provide the sum of N2 billion as 25percent counterpart funding for the project.
Minister of Power Abubakar Aliyu said the council approved the sum of £3.7 million as contract variation for the construction of 33KVA substation at Nneewi and a 132kv line bay extension at Onitsha substation for the Transmission company of Nigeria.
He said the project has suffered delayed since 2006 due to poor budgetary allocation among other challenges.
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