The Federal Government has unveiled a significant palliative measure of N5 billion to each state and the Federal Capital Territory (FCT) to mitigate the impact of the removal of fuel subsidies. This announcement was made by Governor Babagana Zulum of Borno State during an interactive session with State House correspondents in Abuja on Thursday.
The decision was reached during the National Economic Council (NEC) meeting, chaired by Vice-President Kashim Shettima. Governor Zulum shared that the meeting also addressed various issues, including the financial status of the Federation and the deployment of palliatives to alleviate the hardships caused by the fuel subsidy removal.
The NEC comprises the governors of the 36 states, Ministers of the Federal Capital Territory (FCT) and Finance, the Governor of the Central Bank of Nigeria (CBN), and the Group Chief Executive Officer of Nigeria National Petroleum Company Limited (NNPCL), among others.
Particular attention was given to states along the border with Niger Republic, which are experiencing an influx of refugees due to the crisis in the neighboring country. These states will receive additional palliative materials.
Several governors attended the meeting, including Abdulrahman Abdulrazak (Kwara), Hope Uzodinma (Imo), Babajide Sanwo-Olu (Lagos), and more. Deputy governors from various states were also present. Further details are anticipated to emerge.