In light of the removal of fuel subsidies, Mr. Wale Edun, Minister of Finance and Coordinating Minister for the Economy, has revealed that N2 billion of the N5 billion earmarked for palliative has already been released to each state government.
Edun revealed this at a meeting on Friday, September 1, which was attended by key government officials including the Minister of Budget, Mr Abubakar Bagudu; Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, 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.
According to Edun, the funds’ partial release is intended to reduce inflation.
