The Federal Government’s proactive response to the removal of the petrol subsidy has taken the form of a significant N5 billion palliative package allocated to each state within the federation, alongside the federal capital territory (FCT).
This crucial step aims to mitigate the potential repercussions of the subsidy removal and uphold the well-being of citizens.
In an official statement from Abuja on Thursday, Governor Babagana Zulum of Borno State unveiled this noteworthy initiative during his address to State House correspondents following the conclusion of a productive session of the National Economic Council (NEC). Under the distinguished leadership of Vice President Kashim Shettima, the NEC convened to deliberate on vital economic matters affecting the nation.
The National Economic Council, a pivotal assembly composed of governors representing all 36 states, along with the esteemed Governor of the Central Bank of Nigeria (CBN) and other key government stakeholders, convened to chart a collective course of action.
This united effort underscores the government’s commitment to fostering collaboration and crafting effective strategies to navigate the challenges posed by subsidy removal.
By earmarking N5 billion for each state and the FCT, the federal government demonstrates its unwavering dedication to ensuring the stability and prosperity of every region.
This substantial financial injection is poised to bolster various sectors, from essential services to infrastructural development, thereby reinforcing the resilience of local economies and fostering sustainable growth.
As Nigeria embarks on this transformative journey following the subsidy removal, the N5 billion palliative allocation stands as a testament to the government’s commitment to prioritizing the welfare of its citizens and fostering equitable progress across the nation.
The cooperative efforts of the National Economic Council herald a collective resolve to navigate uncharted waters and steer the country toward a more prosperous and inclusive future.
