The Federal Government of Nigeria has revealed a palliative measure of N5 billion for each state, including the Federal Capital Territory, to mitigate the impact of the removal of the petrol subsidy. The announcement was made by Babagana Zulum, the governor of Borno State, following a National Economic Council meeting in Abuja.
The National Economic Council consists of the governors of all 36 states, the governor of the Central Bank of Nigeria, and other government officials.
Further details regarding the implementation and distribution of the palliative funds are expected to be provided in due course. This move appears to be an effort to address concerns about the potential economic effects of the removal of the petrol subsidy, which has been a topic of debate and discussion in Nigeria.