An emergency meeting of the National Economic Council (NEC) is underway in Abuja to review palliative measures for Nigerians impacted by soaring fuel prices.

Vice President Kashim Shettima is chairing the session attended by all 36 state governors. Officials from the World Bank and other agencies are also present to provide input.

This urgent NEC summit follows public outcry over the initial N8,000 conditional cash transfer policy proposed by President Bola Tinubu last week. Organized labor unions blasted the payments as grossly inadequate given the economic hardship unleashed by petrol subsidy removal.

With pump prices now exceeding N600 per liter in many states, Nigerians are facing runaway inflation and transport woes. Tinubu acknowledged concerns and ordered an immediate policy rethink.

Today’s meeting aims to formulate an improved, robust relief package for ordinary citizens based on NEC’s recommendations. The World Bank’s presence indicates funding options will be explored.

NEC will also deliberate solutions to broader economic challenges from rising oil prices. Concrete decisions are expected later today on the way forward. Nigerians hope the administration will deliver substantial assistance to help offset price shocks.