April 16, 2024
All your news, One Platform!
Search
Generic filters

Federal Government’s Spending on Fuel Subsidy Removal Palliatives and Loans Could Reach N3.27 Trillion

October 16, 2023

In response to the removal of fuel subsidies and the subsequent surge in consumer prices due to high inflation, the Federal Government of Nigeria has allocated a staggering N3.27 trillion for palliatives and loans aimed at easing the economic hardships faced by the nation’s citizens and businesses. This revelation comes as a result of in-depth findings by The PUNCH.

The comprehensive package of palliatives and loans was designed to provide relief and support to various segments of the population affected by the subsidy removal. These measures include:

CNG-Fueled Buses: N100 billion has been set aside to acquire 3,000 units of 20-seater Compressed Natural Gas (CNG)-fueled buses.

Agriculture Boost: N200 billion is earmarked to stimulate agricultural production.

Manufacturers Support: N75 billion is dedicated to assisting manufacturers.

SMEs and Informal Sector Relief: N125 billion has been allocated to support micro, small, and medium-sized enterprises, as well as the informal sector.

State-Specific Palliatives: N185 billion has been set aside to offer specific palliatives to states.

Student Loans and Other Programs: A significant N1 trillion will be directed towards student loans and other vital programs.

Federal Workers’ Allowance: N315 billion will be dedicated to paying a N35,000 allowance to federal workers for six months, offering financial relief to government employees.

Household Support: N1.13 trillion is allocated to provide financial assistance to 15 million households, granting them N25,000 per month for three months from October to December 2023.

Palliatives for Lawmakers: N70 billion has been reserved as palliative measures for lawmakers.

Market Women Loan Facility: N75 billion will be extended as a loan facility to 1.5 million market women.

 

Source: Punch

Leave a Reply

Your email address will not be published. Required fields are marked *

cross-circle
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram