REPORT OF THE NATIONAL ECONOMIC COUNCIL (NEC) AD-HOC COMMITTEE INTERFACING WITH NIGERIA NATIONAL PETROLEUM CORPORATION (NNPC) ON THE APPROPRIATE PRICING OF PREMIUM MOTOR SPIRIT (PMS) IN NIGERIA

Abstract

Following the Group Managing Director of NNPC presentation on PMS price, increasing cost under-recoveries, value shortfall to Federation and the imperative of PMS deregulation at the 113th (2nd in 2021) National Economic council (NEC) Hybrid Meeting of Thursday, 18th February 2021, Banquet Hall, State House, a NEC Committee under the leadership of His Excellency the Governor of Kaduna State, Malam Nasir El-Rufai was mandated by the Chairman NEC, His Excellency the Vice President to interface with NNPC and find a way out of the subsidy conundrum.