Only ₦2 billion out of ₦5 billion given to states as palliative so far

Minister of Finance and Coordinating Minister for the Economy, Wale Edun, announced on Friday, September 01, 2023, in Abuja that a total of ₦2 billion has been disbursed to each state government from the ₦5 billion allocation designated for palliative measures following the removal of fuel subsidies.

This important revelation was made during a briefing attended by key government officials, including Minister of Budget, Abubakar Bagudu, and the Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari.

The briefing also witnessed the presence of other eminent figures such as the Director General of the Budget Office, Patience Oniha, the Senior Assistant to the President on Tax Reforms, Zacch Adedeji, and the Chairman of the Presidential Tax Reform Committee, Taiwo Oyedele.

Minister Edun emphasised that the partial release of these funds is a crucial step to address concerns about inflation in the country. Additionally, he reiterated President Bola Tinubu's stance on the nation's fiscal responsibility, highlighting that relying on over 90 percent of revenue to service debts is unsustainable.

On the energy front, Mele Kyari shared vital statistics, revealing a decrease in daily Petrol Motor Spirit (PMS) consumption from 66.6 million liters to 46 million liters. Furthermore, he noted a promising increase in daily production, reaching 1.6 million barrels.