To mitigate the impact of the petrol subsidy removal, the Federal Government has released N5 billion palliative to each state of the federation, including the Federal Capital Territory (FCT).
The Borno State Governor, Babagana Zulum announced this while addressing State House correspondents at the end of a national economic council (NEC) meeting Thursday, August 17.
Thursday’s development comes in the wake of the hike in the cost of food items, and petroleum owing to the removal of subsidy on the commodity.
Vice President Kashim Shettima chaired the NEC meeting graced by state governors and other stakeholders.
These include the governors of the 36 states of the federation, Ministers of Federal Capital Territory (FCT) and Finance, Governor of the Central Bank of Nigeria (CBN), and Group Chief Executive Officer of Nigeria National Petroleum Company Limited (NNPCL), among others.
Members of NEC also deliberated on measures to cushion the impact of the subsidy removal.
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.
