By fabulous News
- President Bola Tinubu has disclosed that his administration released N2bn from the planned N5bn palliative to governors to cushion the subsidy removal effect
- The president, through the minister of finance, Wale Edun, said his administration was mindful of the consequences of his action, which was the reason for the staggered release of the palliative
- According to Edun, President Tinubu will encourage investment that would increase productivity and subsequently provide a better life for Nigerians
FCT, Abuja – President Bola Tinubu has disclosed that his administration only released N2 billion from the N5 billion promised to each of the 36 states for palliatives to cushion the effect of the removal of the fuel subsidy.
According to The Nation, the N2bn released was to mitigate the sharp increase in inflation if the N5bn had been released.
The president disclosed this on Friday, September 1, through his minister of finance and coordinating minister of the economy, Wale Edun, who gave his maiden press briefing in Abuja.
The minister further disclosed that the funds came from “a blend of grants to and borrowing by the state governments”.