Following the removal of fuel subsidy by President Bola Ahmed Tinubu administration, the Federal government on Thursday approved the sum of N5 billion for each States of Federation, including Kogi State government as palliative fund.
The fund is meant for procurement of food items for distribution to the poor in their States as a result of the removal of fuel subsidy.
The largesse to State governors including the Federal Capital Territory was revealed after the National Economic Council at the Aso Rock Presidential Villa, Abuja by Borno State Governor, Babagana Zulum on Thursday.
CAPITAL POST reports that there has been a reactionary high cost of goods since the removal of fuel subsidy by President Tinubu’s administration with food items as worst hit.
Zulum also revealed that the Federal Government has released five trucks of rice for each governor of the States of the Federation including the Federal Capital Territory as part of measures to cushion the effect of high cost of food items.
According to Zulum, each governor has been directed by the Federal government to procure 100,000 bags of rice, 40,000 bags of maize, and fertilizers for distribution in their States free of charge, adding that 52 percent of the funds were given to the state governments as grants while 48% is to serve as loans.
NEC’s most recent meeting is coming hours after the Nigerian National Petroleum Company (NNPC) Limited secured a $3 billion Emergency Crude Repayment Loan from African Export-Import Bank (AFREXIM) Bank.
