FG implements N5bn palliative for each State to mitigate petrol subsidy removal

FG implements N5bn palliative for each State to mitigate petrol subsidy removal

The federal government has unveiled a N5 billion palliative package for each state in the federation, including the federal capital territory (FCT), aimed at mitigating the impact of the removal of the petrol subsidy.

Governor Babagana Zulum of Borno State made this announcement during a press briefing in Abuja on Thursday following a meeting of the National Economic Council (NEC), presided over by Vice President Kashim Shettima.

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The NEC consists of the governors from all 36 Nigerian states, along with the governor of the Central Bank of Nigeria (CBN) and other government officials who have been co-opted to provide insights and expertise.

This decision comes as part of the federal government’s efforts to address the challenges resulting from the removal of the petrol subsidy. The move aims to provide immediate relief and support to the states in managing the impact of the policy change.

The N5 billion palliative fund allocated to each state will be utilized to cushion the effects of the subsidy removal. It is expected to assist in maintaining social welfare programs, sustaining critical infrastructure projects, and promoting economic activities at the state level.