To lessen the effects of the elimination of the petrol subsidy, the Federal Government has approved a N5 billion palliative for each of the federation’s states, including the Federal Capital Territory.
Babagana Zulum, the governor of Borno State, made the declaration to reporters at the State House on Thursday after the National Economic Council meeting in Abuja.
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The meeting was presided over by Vice President Kashim Shettima.
The council is made up of the governors of the 36 states, governor of the Central Bank of Nigeria and other coopted government officials.
In addition to the fund, Zulum said the Federal Government also released five trucks of rice each to the 36 state governors.
Explaining further, Governor Zulum said the state governors are to procure 100,000 bags of rice, 40,000 bags of maize, and fertilizers.
He noted that 52 percent of the funds were given to the state governments as grants while 48% is as loans.
Asides from the economic difficulties facing Nigeria in the wake of the subsidy removal, NEC also discussed security issues especially recent attacks in the northern parts of the country.
NEC’s most recent meeting is coming hours after the Nigerian National Petroleum Company (NNPC) Limited secured a $3 billion Emergency Crude Repayment Loan from African Export-Import Bank (AFREXIM) Bank.
