- Wale Edun, said the federal government was mindful of the consequences of its decisions, as a result, it opted to stagger the release of the palliative funds
- Wale Edun said the source of the fund is “a blend of grant to and borrowing by the state governments”
The N5 billion that the federal government gave to each state as a palliative to lessen the effects of the cessation of subsidies has only been released in the amount of N2 billion.
To prevent the evident increase in inflation that would have resulted from the distribution of N5 billion, N2 billion was issued.
The federal government chose to stagger the delivery of the palliative funds because, according to Wale Edun, minister of finance and coordinating minister for the economy, it was aware of the potential ramifications of its choices. Edun was speaking to media at his first news conference on Friday in Abuja.
Wale Edun said the source of the fund is “a blend of grant to and borrowing by the state governments”.
Generally speaking, the finance minister said “the president is going to deliver a better life to Nigerians by encouraging investment that increases productivity that grows the economy and thereby creating jobs and reducing poverty”.
Details shortly…