Abuja, Nigeria
The Federal Government has announced a N5 billion palliative for thirty-six states of the federation and the Federal Capital Territory (FCT), to tackle the impact of the removal of the petrol subsidy.
Governor Babagana Zulum of Borno State disclosed the development at the State House in Abuja on Thursday shortly after the national economic council (NEC) meeting.
Vice President Kashim Shettima presided over the meeting.
NEC headed by the vice president, has 36 state governors, the governor of the Central Bank of Nigeria (CBN), the representative of the Nigeria National Petroleum Company (NNPC) Limited and other representatives from the finance ministry and others.
President Bola Tinubu had announce the removal of the petrol subsidy in May during his inaugural address.
“On fuel subsidy, unfortunately, the budget before I assumed office is that no provision is there for fuel subsidy. So, fuel subsidy is gone,” Tinubu had said.
Following Tinubu’s speech, queues resurfaced at filling stations across the country. The fuel price per litre was increased from N194 to N537.
Subsequently, in July, the fuel price also moved from N537 to N617—a situation that had led to an increase in the prices of commodities and transportation, leaving the country’s inflation at 24.08 per cent.
On July 30, the President in a nationwide broadcast announced the federal government’s measures to ease the effect of petrol subsidy removal on the masses.
