President Muhammadu Buhari will on Thursday meet with state governors to discuss the issue of fuel pricing.
Senator Chris Ngige, Nigeria’s Minister of Labour and Employment, disclosed this Sunday night after a bipartite meeting of the Federal Government and the organised labour at the Banquet Hall of the Presidential Villa, Abuja.
Speaking with newsmen at the close of the meeting, Ngige said that rganised labour had investigated the report of the Technical Committee on Premium Motor Spirit Pricing Framework as agreed at the last meeting and made their submissions alongside the Nigerian National Petroleum Corporation (NNPC).
The minister said:
The labour side saw that they were making some points and like I said, it is work in progress. Governors are going to discuss this on Thursday.
They have discussed this at the National Economic Council and so, everybody is involved because we find ourselves in dire straits. There is no money for subsidy.
The NNPC has explained: What they are doing is import- dependent. Deregulation is import-dependent but they are doing bulk purchasing. So, they can get discounts.
They are also using foreign exchange that is discounted for them. They are not buying from the parallel market. So, all these things will be put in basket and a price will emerge from it.
According to the minister, the Federal Government has concluded discussions with the organised labour on the fuel pricing.
Also speaking on the electricity tariff, the minister disclosed that the meeting adopted the report of its Ad-hoc Technical Committee on Electricity Tariffs, made some adjustments and transformed the committee into an implementation committee, to implement all the recommendations made, including mass metering.
You will start seeing members of the committee with the Minister of Power, going around now and making sure that the DISCOS put meters for people because there are reports that they don’t want to be distributing meters and that they want to be doing bulk billing and estimated billings. So, we don’t want that.
There is also a resolution as regards gas companies reducing gas pricing for gas sold to power companies, GENCOS and the rest of them so that the price of electricity per unit will go down and the consumers will benefit from it. We have given the marching orders for them to do so.
Some paper work has to be done and once that is done, price of electricity will go down and once it goes down, the consumers will benefit.