Federal Government Establish Board to Oversee Subsidy Savings Fund

Christopher-KoladeFollowing the recent removal of subsidy from fuel, (PMS) the Federal Government has establish the Subsidy Re-investment and Empowerment Program.

The board which will be headed by Dr. Christopher Kolade will have the objective of overseeing the fund in the petroleum subsidy saving account and the program -specifically to improve life of Nigerians in line with the transformation agenda of President Goodluck Jonathan.

Other members of the board will include retired Major General Mamman Kantagora (deputy of the board),two representatives of National Assembly, two representatives of organized labour, one representative from the National Union of Road Transport Workers(NURTW),one representative from the Nigeria Union of Journalist, one representative from women group, one representative of the country’s youth, one representative of the civil society organisation, Minister of National planning, Minister of Finance, Minister of state for health, Minister of petroleum resources, the special adviser to Mr. president on technical matters and one representative each from the six geo-political zones of the country.

Meanwhile, labour union and other human right activist have declared protest on the sudden removal of fuel subsidy which has caused the price of petrol to increase from N65 to N141- an increase of 116%.

Although the prices of petroleum vary from N138 to N190 in petrol stations, the recent hike continues to spark reactions of disappointment and dispute of interest among the citizenry. However, former chief Justice of Nigeria- Justice Salihu Modibbo Alfa Belgore has been appointed to lead the dialogue committee to meet with labour union and other stakeholders in order to come to an agreement on this new development.

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