The National
Economic Council (NEC) on Thursday proposed ways of cushioning the impact of
petroleum subsidy removal on Nigerians.

The council, presided over by Vice-President Kashim
Shettima, deliberated for over five hours at the state house.

At the end of the session, the NEC proposed implementing a
cash transfer programme for states based on their social registers.

The NEC noted that “there’s a big question mark about the
integrity” of the National Social Register — and as such — states should
develop their respective registers.

Members of the council recommended a cash reward policy for
public servants for six months.

The NEC also emphasised the importance of paying outstanding
liabilities of public servants, including pensions and gratuities, to alleviate
their hardship.

The Ogun state governor said the council agreed that
government will focus on funding micro, small, and medium enterprises (MSMEs)
with single-digit interest rates to support the growth of businesses.

CONVERSION OF PETROL VEHICLES TO AUTOGAS

The governor said they also agreed on the immediate
implementation of the Energy Transition Plan, focusing on transitioning to
compressed natural gas (CNG) for mass transit vehicles.

The council suggested the establishment of manufacturing and
assembly plants for electric vehicles (EVs) in each zone in the country in the
long term.

In the interim, the NEC encouraged the conversion to CNG to
create employment and reduce petrol dependency.

GRAINS, FERTILISER DISTRIBUTION

The council agreed that food items, grains and fertilisers
are to be distributed by state governments at the rate acquired from National
Emergency Management Agency (NEMA).

Commenting on the recommendation, the Bauchi governor said
the council addressed food security and food price escalation by allocating
buffer stocks of grains for distribution to states.

He said the states can choose to sell them at subsidised
rates or distribute them for free to ease the burden on citizens.

REDUCE COST OF GOVERNANCE

Speaking on the need to reduce cost of governance, the
Anambra state governor said it is “an issue that each tier of government should
now focus on as an area of concern”.

Soludo said public officials must cut back on the number of
cars in their convoys and the aides they appoint.

He said NEC agreed that politicians should look at
themselves in the mirror; “be sensitive to the times” and “knock off the waste
and the irrelevances”.

MINIMUM WAGE REVIEW

Soludo said the council also mentioned the possibility of
negotiating a new minimum wage over time.

He said: “As part of those recommendations, over the medium,
longer term… is the possibility of negotiating a new minimum wage. That
obviously will be on the table.

“But that has to be negotiated through the appropriate
structures for doing that over time.”