Home News FG Releases N2b Out of N5b Subsidy Palliative Fund
News

FG Releases N2b Out of N5b Subsidy Palliative Fund

Share
Tinubu Inaugurates 45 Ministers
Share

The federal government has released N2 billion out of the N5 billion it offered to each state as palliatives following the removal of petrol subsidy.

The government said the decision was made to prevent a significant increase in inflation.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, explained this during a press briefing in Abuja on September 1.

READ ALSO: DSS Arrests CBN Deputy Governor, Kingsley Obiora

Edun revealed that the government was aware of the potential impact of inflation and has therefore chosen to stagger the release of the funds.

ATTENTION: Click HERE to join our WhatsApp group and receive News updates directly on your WhatsApp!

He mentioned that the fund is “a blend of grants to and borrowing by the state governments,” adding that “the president is going to deliver a better life to Nigerians by encouraging investment that increases productivity that grows the economy and thereby creating jobs and reducing poverty.”

The N5 billion palliative was announced by the governor of Borno State, Babagana Zulum, during a National Economic Council, NEC meeting presided by Vice President Kashim Shettima in Abuja on Thursday.

Share

Leave a comment

Leave a Reply

Your email address will not be published.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

Related Articles
News

Enugu Govt Demolishes Criminal Hideout Disguised as Worship Centre Operated by ‘Prophet’

The Enugu State Government has uncovered and demolished a notorious criminal hideout...

News

FBI Arrests Nigerian ‘Tech Queen’s Over Multi-million Dollar Fraud

A Nigerian ‘tech queen’ has been arrested for alleged fraud in the...

Trump
News

Trump Signs New Travel Ban Targeting 12 Countries

U.S. President Donald Trump has signed a proclamation on Wednesday evening banning...

News

CBEX Fraud: EFCC Declares 2 More Suspects Wanted

The Economic and Financial Crimes Commission, EFCC on Wednesday declared two more...

5win
RocketplayRocketplay casinoCasibom GirişJojobet GirişCasibom Giriş GüncelCasibom Giriş AdresiCandySpinzDafabet AppJeetwinRedbet SverigeViggoslotsCrazyBuzzer casinoCasibomJettbetKmsauto DownloadKmspico ActivatorSweet BonanzaCrazy TimeCrazy Time AppPlinko AppSugar rush