President Bola Tinubu has approved the creation of the Infrastructure Support Fund for the 36 states of the country.
This was made known through the Special Adviser to the President on communication, special duties and strategy Mr. Dele Alake.
In the same vein, monthly distribution from the federation account for the month of June increased to N1.9 trillion- probably the highest in the nation’s history.
The statement reads,
Occasioned by the subsidy removal, the Federal Accounts Allocation Committee (FAAC) has seen distributable revenue rise by over 100% for the month of June 2023 to N1.9 trillion from N701 billion in May. The Federal government, therefore, decided to save a portion of it which it hopes will constitute funds for the ISF of the 36 states of the federation.
According to the statement,
Analysts had earlier predicted an increase in government revenues in the face of subsidy removal. For the month of May 2023, the federal government and the sub-national governments shared N786.161 billion.
The removal of the fuel subsidy frees the government of the financial burden of subsidy which it can channel into other productive sectors of the economy.
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