The Federal Government on Thursday allocated N5 billion to each state of the federation and the FCT as palliatives to cushion the effects of the removal of petrol subsidy.
The Governor of Borno State, Babagana Zulum, disclosed this during a National Economic Council (NEC) meeting held on Thursday in Abuja.
The FEC meeting membership, which was presided over by the Vice President, Mr. Kashim Shettima, comprised the state governors, the Governor of the Central Bank of Nigeria (CBN), and other appointed government representatives.
Following the recent removal of fuel subsidy and the hike in transportation costs and other socio-economist costs, the federal and state governments have been rolling out palliatives measures to cushion the effect of the hike in the cost of transportation.
In his July 31st, 2023 nationwide broadcast, President Bola Tinubu said the government was monitoring the effects of exchange rates and inflation on the prices of Premium Motor Spirit (PMS), also known as petrol, and will intervene when necessary.
The President promised: “We are also monitoring the effects of exchange rates and inflation on gasoline prices. If and when necessary, we will intervene.
” I assure you, my fellow countrymen and women, that we are exiting the darkness to enter a new and glorious dawn. Now, I must get back to work to make this vision come true”, Tinubu assured.
After the broadcast and based on the President’s request, the National Assembly recently approved a N500 billion request for palliatives to mitigate the hardships associated with the recently introduced fiscal measures.
