The committee in charge of finalizing palliative plans following the removal of fuel subsidies in June 2023, is yet to conclude plans with barely three months to the end of President Buhari’s tenure.

The Minister of State for Budget and National Planning, Clem Agba, disclosed this earlier today in Abuja at the end of the Federal Executive Council meeting.

According to Channels TV, Agba said the committee is still working to harmonize discussions on palliative measures for citizens after the fuel subsidy is removed. 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 come out from both the federal government and the governors’ side. As 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.”

Other insights from the FEC meeting: Channels TV also reports that the Federal Executive Council (FEC) has approved the Nigeria Agenda 2050; which is aimed at increasing real Gross Domestic Product (GDP) growth by 7%, creating 165 million jobs, and reducing the number of people living in poverty to 2.1 million in 2050.

The overall objective is to take Nigeria through to an Upper Middle-Income Country and subsequently to the status of a High-Income country by 2050.

What you should know: In November 2022, the National Bureau of Statistics (NBS) reported that 133 million Nigerians were living in multidimensional poverty. Since then, the federal government has taken steps to improve the lives of the general populace.

However, since the first quarter of 2023, Nigerians have faced the Naira scarcity crisis as a result of the Naira redesign policy. Although the Central Bank of Nigeria as well as the Supreme Court have since directed old Naira notes to be issued as legal tender, Nigerians across the country are still facing the impacts of the policy.

The areas most affected by the Naira redesign policy are food purchases, agro-business, and transportation.