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FG’s N5 Billion Palliative: Finance Minister, Wale Edun, Reveals How Much States Have Collected

Published

1 year ago

Sep 1, 2023.

Eko Hot Blog reports that the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has disclosed how much each state have received from the federal government N5 billion to all state of the federation and the Federal Capital Territory (FCT).

The minister, on Friday, during a briefing with key government officials in Abuja, confirmed that N2 billion has so far been released to each state government from the N5 billion total palliative.

This news medium gathered that in the last few days, some state governors have confirmed receipt of the initial N2 billion from the federal government, while others have clarified that the total package has a 52 percent drive component and a 48 percent loan component to be repaid by states.

It would be recalled that the Federal Government had last month announced a N5 billion palliative for each state of the federation, including the Federal Capital Territory (FCT), to cushion the impact of the removal of the petrol subsidy.

The Finance Minister, during the briefing, said the partial release of the funds is to curb inflation.

Speaking further, Edun insisted that President Bola Tinubu has not shifted his position about the need for the government to stop servicing debts with over 90 percent of the nation’s revenue.

Present at the briefing are some key government officials like the Minister of Budget, Mr Abubakar Bagudu, and the Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari.

Also in attendance were the Director General of the Budget Office, Mrs Patience Oniha; the Senior Assistant to the President on Tax Reforms, Mr Zacch Adedeji; and the Chairman of the Presidential Tax Reform Committee, Mr Taiwo Oyedele.

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