The minister of the Finance and Coordinating Minister for the Economy, Wale Edun has said that the Federal Government has released two billion naira from the five billion naira it offered to each states as palliative to cushion the impact of subsidy removal.
Edun stated this at his maiden press briefing in Abuja on Friday, saying the reason for releasing just two billion naira is to mitigate the obvious spike in inflation if all five billion naira had been released.
According to the Minister, the Federal Government was mindful of the consequences of its decisions and as a result, opted to stagger the release of the palliative funds.
Edun also added that the source of the fund is “a blend of grant to and borrowing by the state governments”
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