The Federal Government has allocated N5 billion to each state including the FCT, as palliatives to cushion the effects of the removal of petrol subsidy.
Babagana Zulum, the Governor of Borno state, disclosed this during a National Economic Council (NEC) meeting in Abuja on Thursday.
The meeting, chaired by Vice President Kashim Shettima, is made up of Governors from all 36 states, the Governor of the Central Bank of Nigeria (CBN), and other appointed government representatives.
In the wake of the removal of fuel subsidy and the hike in transportation costs for individuals, several state governments as well as the Federal Government have been rolling out palliatives measures to cushion the effect of the hike in the cost of transportation.
During his July 31st, 2023, nationwide broadcast, President Bola Tinubu said his government is monitoring the effects of exchange rates and inflation on the prices of Premium Motor Spirit (PMS) otherwise known as petrol, and will intervene when necessary.
President Tinubu in his speech said:
“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.’’
The National Assembly had also approved the President’s N500 billion request for palliatives.Follow us on social media