Top Stories

Breaking: FG allocates N5bn subsidy palliative to each state

The Federal Government has allocated N5 billion to each state including the FCT, as palliatives to cushion the effects of the removal of petrol subsidy.  

Babagana Zulum, the Governor of Borno state, disclosed this during a National Economic Council (NEC) meeting in Abuja on Thursday. 

Advertisement

The meeting, chaired by Vice President Kashim Shettima, is made up of Governors from all 36 states, the Governor of the Central Bank of Nigeria (CBN), and other appointed government representatives. 

Government Palliatives

In the wake of the removal of fuel subsidy and the hike in transportation costs for individuals, several state governments as well as the Federal Government have been rolling out palliatives measures to cushion the effect of the hike in the cost of transportation.

Advertisement

During his July 31st, 2023, nationwide broadcast, President Bola Tinubu said his government is monitoring the effects of exchange rates and inflation on the prices of Premium Motor Spirit (PMS) otherwise known as petrol, and will intervene when necessary.

President Tinubu in his speech said:

Advertisement
  • “We are also monitoring the effects of exchange rates and inflation on gasoline prices. If and when necessary, we will intervene.
  • ” I assure you, my fellow countrymen and women, that we are exiting the darkness to enter a new and glorious dawn. Now, I must get back to work to make this vision come true.’’

The National Assembly had also approved the President’s N500 billion request for palliatives.

citynews

Recent Posts

Tinubu promotes Acting Chief of Army Staff, Oluyede to Lt Gen

President Bola Tinubu has promoted the acting Chief of Army Staff, Olufemi Oluyede to the…

5 hours ago

Digital Transformation: Maida, Kekere-Ekun Speak At NCC’s Annual Workshop for Judges in Lagos

Welcome Address Delivered at the 2024 Edition of the Judges Workshop at Sheraton Hotel Ikeja,…

11 hours ago

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

13 hours ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

16 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

16 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

17 hours ago