Following a charge by President Bola Tinubu that governors should come up with ideas to mitigate the impact of subsidy removal, members of the National Economic Council (NEC), yesterday, deliberated extensively on the issue and constituted a committee to follow up.

Rising from a meeting after inauguration, Bauchi State Governor, Bala Mohammed, said the meeting focused on the recommendation by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) that the Federal Government should consider a N702 billion fund in form of salary adjustment.

He said the meeting noted that workers and other vulnerable citizens in the society should be the beneficiaries, as a way of helping them to cushion the effect of the subsidy removal.

At the meeting, chaired by the Vice President, Kashim Shettima, the governors resolved that a committee be set up to look at modalities for its implementation.

According to the Bauchi State Governor, members of the committee are Kebbi State Governor, serving as chairman; Anambra State Governor representing South East geopolitical zone.

Others are Benue State Governor, representing North Central; Kaduna Governor representing North West; while Bauchi Governor represents North East.

Also in the committee are Governors of Cross River and Oyo State, representing South South and South West, respectively.

Intergovernmental agencies listed in the committee include Budget Office, Central Bank of Nigeria (CBN), Office of the Attorney General of the Federation, and NNPCL. Labour is represented by TUC and NLC.

Mohammed revealed that NEC mandated the committee to sit within two weeks and work out recommendations for a decision that will be taken immediately to alleviate the effect of removal of subsidy.

He said: “NEC has taken very far-reaching decisions and deliberations on the issue of the removal of petroleum subsidy and its general impact on the economy.

“Specifically on the issue of National Salaries, Income and Wages Commission, NEC has received recommendations on various ways and means that the country can use whatever increases that we have in the revenue to mitigate the impact that is going to make on the lives of our workers and all those people involved.

“So, they recommended and they gave us a scenario, recommending that there should be a consequential adjustment, estimated at N702.919.8 billion as part of the allowances that should be given as petroleum allowance to all workers and as well as a 23 or 25 billion monthly offer to cushion the effect on workers and other suggestion that will go a long way in making sure that there is review of our salaries and wages.”