ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, September 21, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

JUST-IN: Federal Gov’t Disburses N2bn Post-Subsidy Palliative To 36 States, FCT

by Mark Itsibor
2 years ago
in Business
Subsidy
Share on WhatsAppShare on FacebookShare on XTelegram

The Federal Government has disbursed the sum of N2billion to each State of the Federation and the Federal Capital Territory (FCT) as part of the

Advertisement

N5billion palliative package that was announced by the federal government to cushion the effects of petrol subsidy removal.

Minister of Finance and coordinating Minister of the Economy, Wale Edun, disclosed this to journalists on Friday at a press briefing to outline some of his headline policy plans for the nation’s economy.

Mr Edun said the facility was a blend of grant and borrowing by the federal government to the 36 States and FCT.
He said the fund was not part of the proposed $800 million World Bank loan to cushion the effect of the subsidy removal.

The minister said the Federal Government had to hold back on the balance of N3billion to avoid a spike in inflation figures if the funds were released at once.

Related News

Afriland Towers Adequately Insured As Firm Reviews Coverage Details

2 hours ago

NAFDAC Intercepts Fake Cosmetics Products Worth N500m In Lagos

2 hours ago

The Minister said while the government cannot rely on borrowing to fund the national budget, it will mobilise revenue from improved oil production to earn more forex and create the enabling environment for local and foreign investors to come in to create jobs and improve the economy.

He anchored the economic plan of the administration on increasing revenue, effective debt management, and automation of revenue collection to plug leakages and create the enabling environment for private sector players to invest and flourish.

Meanwhile, the group chief executive officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, who was also at the press conference, said the oil company would have gone bankrupt if gasoline subsidy was not removed by President Bola Tinubu on resumption of office.

Mr Kyari also said government will start making more money soon following improved crude oil production, which he said was 1.7 million barrels as at Wednesday of this week, and removal of the petrol subsidy.

Join Our WhatsApp Channel

SendShare10302Tweet6439Share

Other News Updates

Business

Afriland Towers Adequately Insured As Firm Reviews Coverage Details

2025/09/21
Business

NAFDAC Intercepts Fake Cosmetics Products Worth N500m In Lagos

2025/09/21
Business

WACT-APM Terminals Renovates Teachers’ Quarters In Host Community

2025/09/21
Business

ICSAN Pushes For Policy-Driven AI Adoption To Reform Governance

2025/09/21
Business

Yola DisCo Offers Free Eye Surgery, Medication To Communities

2025/09/21
Business

Nigeria’s E-commerce Market To Exceed $16bn By 2030 Amid Digital Transformation

2025/09/21
Leadership Conference advertisement

LATEST

Nigeria’s Child Abandonment Crisis Deepens

Bandits Strike Again: 4 Chinese Abducted, Soldier Killed in Kogi

Youth Coalition Tasks South-East Governors On Open Grazing Ban

Trauma And Tears: Oworonsoki Residents Share Demolition Horror Stories

Any Need To Relieve Lagos Ports?

Afriland Towers Adequately Insured As Firm Reviews Coverage Details

NAFDAC Intercepts Fake Cosmetics Products Worth N500m In Lagos

WACT-APM Terminals Renovates Teachers’ Quarters In Host Community

ICSAN Pushes For Policy-Driven AI Adoption To Reform Governance

Yola DisCo Offers Free Eye Surgery, Medication To Communities

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.