Fuel Subsidy: Increase In FAAC Will Benefit Nigeria’s Economy – APC Govs

Fuel Subsidy: Increase In FAAC Will Benefit Nigeria’s Economy – APC Govs

Ahead of Thursdays meeting of the National Economic Council, governors of All Progressives Congress (APC) are excited that the removal of the petroleum subsidy will boost the volume of money that would accrue to the federal and subnational governments…..CONTINUE READING

Senator Hope Uzodinma, Imo State governor and Chairman of the APC governor’s forum who addressed journalists after a meeting of the forum late Wednesday night, at the Imo Governor’s Lodge , said the subsidy removal would benefit the economy and improve the nation’s margin of solvency in the international market.

He said that both the federal and. State governments are excited about the increase in the volume of funds to be shared at the upcoming Federal Account Allocation Committee (FAAC), promising on behalf of the governors to utilize it for the benefit of the people and economy.

“We are aware that as a result of the removal of the petroleum subsidy there will be increase in the volume of money coming to us during the Federation Account Allocation Committee meeting.

“We are working with FG to ensure that the proceeds from that FAAC are well utilized in a manner that the citizens are happy, labour happy and we also happy, and also the economy of the country will be protected and our economic managers supported to ensure that our solvency margin is not tampered with in the international , market. Instead it will be improved upon. What has happened is something we should be happy about.”

On the hardships foisted on poor Nigerians as a result of the fuel price hike, he said the governors and the federal government are working on ways to l ameliorate the problem.

“The current hardship occasioned by increase in prices of both food and petroleum products and cost of living is being addressed by the subnational governments working with federal government and tomorrow there will be national economic council to discuss more on that”.

He said the APC governors are not unaware of the recent resignation of its former National Chairman, Senator Adamu Abdullahi and Senator Iyiola Omisore, the party’s Secretary, describing as voluntary action.

Uzodinma said their decision was a welcome one and that the party is happy with them for the services they rendered.

He maintained that the APC is not in any form of crisis and that the party has in compliance with its constitution filled the positions as required…..CONTINUE READING

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