Tinubu Government Allocates N185 Billion Palliative Package to States and FCT Following Subsidy Removal

Tinubu Government Allocates N185 Billion Palliative Package to States and FCT Following Subsidy Removal

By Nightengale Ben-Onyeukwu

In a bid to alleviate the economic impact of the recent fuel subsidy removal, the Tinubu-led government has unveiled a comprehensive palliative plan. A total of N185 billion will be disbursed among the 36 states and the Federal Capital Territory (FCT) to address the challenges arising from the policy change.

Governor Babagana Zulum of Borno State made the announcement during a press briefing held in Abuja on Thursday, immediately following a session of the National Economic Council (NEC). This groundbreaking initiative aims to mitigate the financial strain experienced by Nigerians due to the subsidy removal.

The disbursement, slated to occur over a specific timeline, will see each state receiving N5 billion from the allocated fund. This measure seeks to empower states to initiate localised interventions and strategies that best suit their respective populations and economic conditions.

Vice President Kashim Shettima, the chairman of the NEC, presided over the meeting where the decision was made. The National Economic Council consists of the governors of all 36 states, the governor of the Central Bank of Nigeria (CBN), and various other high-ranking officials.

With this move, the Tinubu administration demonstrates a proactive approach to ameliorating the economic challenges brought about by subsidy removal. The allocation of substantial funds to the states and FCT underlines the government's commitment to providing immediate relief and fostering a more resilient and prosperous economy.