Fuel Subsidy Removal: FG Approves N5bn To Each State, FCT As Palliative - EDU-BIZNEWS


Friday, August 18, 2023

Fuel Subsidy Removal: FG Approves N5bn To Each State, FCT As Palliative

Federal Government has approved N5billlion for each of the 36 states  and the Federal Capital Territory (FCT) to enable them to procure food items for distribution to the poor in their respective states, as part of palliative packages  to cushion the effect of removal of fuel subsidy and increasing cost of food items on Nigerians 

Governor Babagana Zulum of Borno State revealed this to newsmen at the Presidential Villa, Abuja, shortly after the National Economic Council (NEC) meeting on Thursday presided over by the Vice President, Kashim Shettima with governors and other stakeholders in attendance 

Zulum also disclosed that the Federal Government also released five trucks of rice each to the 36 state governors in addition to the fund released to them 

According to him,  the state governors are to procure 100,000 bags of rice, 40,000 bags of maize, and fertilizers.

Zulum explained  that 52 per cent of the funds were given to the state governments as grants with 48 per cent as loans.

The meeting also inaugurated a committee, made up of the Anambra State Governor, Charles Soludo; the Chairman of the Nigerian Governors’ Forum, Governor AbdulRazaq AbdulRahman of Kwara State among others, tasked with the responsibility of engaging with the leadership of the Nigerian Labour Congress (NLC) over the latter’s push for palliatives due to the subsidy removal.

Asides from the economic difficulties facing Nigeria in the wake of the subsidy removal, NEC also discussed security issues especially recent attacks in the northern parts of the country.

NEC’s most recent meeting is coming hours after the Nigerian National Petroleum Company (NNPC) Limited secured a $3 billion Emergency Crude Repayment Loan from African Export-Import Bank (AFREXIM) Bank.

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