HeadlineNewsPolitics

BREAKING: FG Approves $5 billion for each state as palliative over subsidy removal

The Federal Government has approved N5 billion for each state to purchase food items for distribution to the underprivileged in their respective states.

Governor Babagana Zulum of Borno State disclosed this at the Presidential Villa, Abuja, shortly after the National Economic Council (NEC) meeting.

Thursday’s development follows a rise in the price of food and fuel due to the withdrawal of a commodities subsidy.

In addition to the cash, Zulum said that the federal government provided each of the 36 state governors with five trucks of rice.

Governor Zulum went on to say that the state governors must obtain 100,000 bags of rice, 40,000 bags of maize, and fertilizers.

He noted that 52 percent of the funds were given to the state governments as grants while 48% is as loans.

Aside from the economic challenges that Nigeria faces as a result of the subsidy removal, the NEC also reviewed security problems, particularly recent assaults in the northern part of the country.

Governor Zulum, Vice President Kashim Shettima, governors, and other stakeholders attended the meeting, which was headed by Vice President Kashim Shettima.

Members of NEC have been deliberating on measures to cushion the impact of the subsidy removal.

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.

Share this:

Sydney Okafor

I am so passionate about this my profession as a broadcast journalist and voiceover artists and presently a reporter at TV360 Nigeria

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button