The Federal Government FG has only released N2 billion from the N5 billion it offered to each state as palliative to cushion the impact of subsidy removal.
Minister of Finance and Coordinating Minister of Economy, Wale Edun revealed this while addressing journalists at his maiden press briefing in Abuja Friday.
Edun, said the FG was mindful of the consequences of its decisions, as a result, it opted to stagger the release of the palliative funds.
He explained that the reason for releasing N2 billion is to mitigate the obvious spike in inflation if N5 billion had been released.
Edun said the source of the fund is “a blend of grant to and borrowing by the state governments”.
“The President is going to deliver a better life to Nigerians by encouraging investment that increases productivity that grows the economy and thereby creating jobs and reducing poverty”.
More later…
