Fuel subsidy reform: NECA backs Oyedele, seeks more relief

The Nigeria Employers’ Consultative Association (NECA) has expressed support for Finance Minister Taiwo Oyedele's call to maintain Nigeria's fuel subsidy reforms. In a statement, NECA's Director-General, Adewale-Smatt Oyerinde, emphasized that the success of the policy should be measured by its impact on the economy, businesses, and the welfare of Nigerians, rather than the amount of revenue the government gains.

Oyerinde stressed that the reform's economic and social justification would be undermined if fiscal gains failed to translate into improved living standards, job creation, and increased opportunities. The NECA president expressed concern over the persistent rise in petroleum product prices, with petrol averaging N1,400 per litre and diesel at about N1,900 per litre in some areas.

This increased cost of energy and transportation is straining businesses and worsening the hardship faced by Nigerians. Oyerinde urged the government to strengthen targeted social protection programs to alleviate the impact on vulnerable Nigerians, particularly low-income households and workers. He also called for stronger collaboration among federal, state, and local governments to ensure that resources from subsidy savings and increased crude oil revenues produce measurable development outcomes.