In a move aimed at alleviating the economic challenges stemming from the removal of the petrol subsidy, the Federal Government of Nigeria has announced a significant N5 billion palliative fund for each state within the federation, including the Federal Capital Territory (FCT).
The announcement came during a press briefing held in Abuja on Thursday, where Babagana Zulum, the Governor of Borno State, addressed State House correspondents. Governor Zulum, as member of the National Economic Council, shared details of the palliative initiative at the conclusion of a high-level meeting presided over by Vice President Kashim Shettima.
The National Economic Council, composed of the 36 state governors, the governor of the Central Bank of Nigeria, and various coopted government officials, convened to address the pressing economic concerns arising from the removal of the petrol subsidy.
The N5 billion palliative, earmarked for each state and the FCT, is expected to provide a much-needed buffer against the potentially adverse effects of the subsidy removal. While specific allocation details are expected to be disclosed in due course, this initiative underscores the government’s commitment to supporting the various regions of the country during this transitional period.
Further updates on the distribution and implementation of the N5 billion palliative fund are anticipated and will be reported in subsequent releases.