The Nigerian government has taken steps to alleviate the repercussions of fuel subsidy removal on its citizens by disbursing N5 billion to all states in the federation. This move comes as part of a palliative effort to ease the economic strain caused by the fuel subsidy removal.
Borno State Governor, Babagana Zulum, shared this development during a press briefing following the National Economic Council (NEC) meeting, led by Vice President Kashim Shettima, consisting of 36 state governors, the Governor of the Central Bank of Nigeria, and Senior Government Officials, convened to address pressing economic concerns.
The N5 billion allocation to each state and the FCT aims to support the acquisition of essential items, including food products and fertilizers, with the aim of enhancing agricultural productivity.
According to Borno State Governor, “This funding has to be shared with a formula as follows: 52 percent of this money is given to states as grants, while 48 percent of the N5 billion is to be paid back on an installment basis within 20 months to the CBN by the states and the local government’s areas in Nigeria.