NEC Sets Up Committee On N702.9bn Cost Of Living Allowance For Workers….

The National Economic Council (NEC) has set up an ad hoc committee on how to alleviate the suffering faced by Nigerian workers, following the removal of fuel subsidy.

The council, according to a statement by the Office of the Vice President, on Friday, gave the committee two weeks to look into two scenarios suggested by the National Salaries Wages and Income Commission (NSWIC).

The statement noted that the council said this at the first NEC meeting chaired by Vice-President Kashim Shettima after its inauguration by President Bola Tinubu.

The NSWIC Chairman, Mr Ekpo Nta, suggested that the national minimum wage be reviewed to reflect present-day realities and that a cost of living adjustment allowance costing N702.9bn is created to mitigate the impact of the subsidy removal on workers.

NEC also gave an update on the country’s accounts, noting that the Excess Crude Account stands at $473,754.56 and Stabilisation Account at N26.6bn, while the Natural Resources Fund stands at N96.9bn.

The National Economic Council (NEC) after its inauguration today by President Bola Tinubu, has set up an ad-hoc committee to come up with an appropriate road map on salaries/wages which will alleviate the impact of the removal of fuel subsidy on workers taking into cognizance the financial status of the States of the Federation.

The NEC which is chaired by the Vice President, Sen. Kashim Shettima and has as its members the 36 State Governors, CBN Governor held its inaugural meeting at the Council Chambers of the Presidential Villa, Abuja.

In his welcome remarks, the Vice President urged members to “strive to build a globally competitive, strong and diversified economy that is driven by industrialization, education, agricultural transformation, infrastructural development and human capital development.”

Vice President Shettima solicited their “cooperation and commitment in utilizing the Council to resolve our national matters and advance our economy towards prosperity.”