In a move to alleviate the impact of the petrol subsidy removal, the Nigerian Federal Government has earmarked N5 billion for each state, including the Federal Capital Territory (FCT), for palliatives. The announcement was made by Babagana Zulum, the Governor of Borno State, during a National Economic Council (NEC) meeting convened in Abuja on Thursday.
The NEC meeting, presided over by Vice President Kashim Shettima, brought together Governors from all 36 states, the Governor of the Central Bank of Nigeria (CBN), and other government representatives. The aim of the gathering was to deliberate on crucial economic matters affecting the nation.
As the removal of fuel subsidy and the subsequent increase in transportation costs posed challenges for individuals and businesses, various state governments and the Federal Government have initiated measures to cushion the impact of the rising transportation expenses.
During a nationwide broadcast on July 31, 2023, President Bola Tinubu assured citizens that his administration was closely monitoring the effects of inflation and exchange rates on the prices of Premium Motor Spirit (PMS), commonly referred to as petrol. He emphasized the readiness of the government to intervene when necessary, pledging to steer the nation toward a brighter future.
President Tinubu stated, “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.”
Additionally, the National Assembly granted approval for the President’s request of N500 billion for palliatives, emphasizing the government’s commitment to addressing the challenges posed by the removal of fuel subsidy and its associated impacts.