Following the recent removal of petrol subsidy and the subsequent surge in transportation costs, the Federal Government has initiated a substantial measure to mitigate the financial burden on citizens. Each state, including the Federal Capital Territory (FCT), has been allocated a substantial sum of N5 billion as palliative aid to ease the economic repercussions of this transition.
The revelation came forth during a National Economic Council (NEC) meeting convened in Abuja, presided over by Vice President Kashim Shettima.
This distinguished gathering comprised Governors representing all 36 states, the Governor of the Central Bank of Nigeria (CBN), and other esteemed government officials. Among those shedding light on this remarkable step was Babagana Zulum, the Governor of Borno state.
As transportation costs escalated in the aftermath of the fuel subsidy withdrawal, both the Federal Government and various state administrations acknowledged the pressing need to address this substantial financial strain on the populace.
President Bola Tinubu, during his nationwide address on July 31st, 2023, assured the nation that his administration is vigilantly monitoring the oscillations of exchange rates and inflation, which profoundly influence petrol prices.
President Tinubu reassured the citizens that necessary interventions would be orchestrated when deemed essential, ensuring a balanced and bearable cost of living.
Furthermore, the National Assembly ratified the President’s request for N500 billion earmarked towards palliatives. This underscores the government’s firm commitment to navigating the nation through these challenging times while also reaffirming the gradual emergence from adversity into a promising era of progress.
As Nigeria stands on the brink of this transformative phase, a collective optimism for a brighter future rests on the effectiveness of these measures in alleviating financial pressures on citizens and propelling the nation towards its envisioned prosperity.
