BREAKING: FG Approves 5bn Each As Palliative For States

BREAKING: FG Approves 5bn Each As Palliative For States

The Nigerian Federal Government has authorized the allocation of N5 billion to each state and the Federal Capital Territory (FCT) to facilitate the purchase of food items for distribution among the impoverished in their respective regions.

Governor Babagana Zulum of Borno State unveiled this decision following the National Economic Council (NEC) meeting, held at the Presidential Villa in Abuja.

This development transpires amidst the surge in food and petroleum prices, following the removal of subsidies on these commodities.

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Governor Zulum further divulged that, in addition to the allocated funds, the Federal Government has supplied each of the 36 state governors with five trucks of rice.

Governor Zulum elaborated that the state governors are tasked with procuring 100,000 bags of rice, 40,000 bags of maize, and fertilizers. He also emphasized that 52% of the provided funds are in the form of grants, while the remaining 48% is designated as loans.

Additionally, a committee has been established, comprising figures such as Anambra State Governor Charles Soludo and Governor AbdulRazaq AbdulRahman of Kwara State, the Chairman of the Nigerian Governors’ Forum. This committee has been entrusted with the responsibility of engaging with the leadership of the Nigerian Labour Congress (NLC) regarding their demands for palliative measures due to the subsidy removal.

Beyond addressing the economic challenges resulting from the subsidy removal, the NEC meeting also addressed security matters, particularly the recent attacks in the northern regions of the country.

In attendance at the meeting were Vice President Kashim Shettima, who chaired it, Governor Zulum, other governors, and various stakeholders.

The NEC has been deliberating on strategies to mitigate the impact of the subsidy removal. This meeting followed closely after the Nigerian National Petroleum Company (NNPC) Limited secured a $3 billion Emergency Crude Repayment Loan from the African Export-Import Bank (AFREXIM) Bank.