THUR, AUGUST 17 2023-theGBJournal |Babagana Zulum, governor of Borno state told news men today that the Federal Government has announced a N5 billion palliative for each state of the federation, including the federal capital territory (FCT), to cushion the impact of the removal of the petrol subsidy.
The revelation comes follows the national economic council (NEC) meeting at the State House, Abuja, presided over by the Vice President Kashim Shettima.
According to Governor Zulum, 52% are to be given to the state governments as grants and 48% as loans.
Speaking further Zulum said the State Governors are to procure 100, 000 bags of rice, 40, 000 bags of Maize and fertilizers.
NEC is made up of governors of the 36 states, the governor of the Central Bank of Nigeria (CBN) and other government officials.
The latest efforts at cushioning the effects of the petrol subsidy removal follows the botched N8,000 palliative for 12 million Nigerians announced in July 2023. And it comes a day the NNPC announced loudly that it has secured a loan from AFREXIM bank to help shore the volatile Naira.
Analysts theGBJournal spoke to in Lagos on the latest development doubt giving an equal ammount of ”N5 billion to each state and the FCT” ”makes sense” suggesting at the same time that each state should have been given according to their percentage of contribution to the national treasury.
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