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.
