palliative measures

FG To Spend N36bn, Convert 30,000 Vehicles To CNG

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Convert 30000 Vehicles To CNG

The Federal Government will spend N36bn to convert 30,000 vehicles to run on CNG in the next 90 days, providing free kits to reduce transport and food costs. EKO HOT BLOG reports that the Federal Government will spend an estimated N36bn to convert 30,000 petrol or diesel-powered vehicles to run on Compressed Natural Gas (CNG) within … Read more

BREAKING: Tinubu Approves Establishment Of Infrastructure Support Fund For States.

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Eko Hot Blog reports that President Bola Tinubu has approved the establishment of Infrastructure Support Fund (ISF) for the 36 States of the Federation as part of measures to cushion the effects of the petrol subsidy removal on the people.

In a press statement issued by the presidential spokesman, Dele Alake on Thursday evening, he said the approval was disclosed at the monthly meeting of the Federation Account Allocation Committee (FAAC), on Thursday July 20, 2023, in Abuja.

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Alake disclosed that “The new Infrastructure Fund will enable the States to intervene and invest in the critical areas of Transportation, including farm to market road improvements; Agriculture, encompassing livestock and ranching solutions; Health, with a focus on basic healthcare; Education, especially basic education; Power and Water Resources, that will improve economic competitiveness, create jobs and deliver economic prosperity for Nigerians”.

“The Committee also resolved to save a portion of the monthly distributable proceeds to minimize the impact of the increased revenues-occasioned by the subsidy removal and exchange rate unification-on money supply, as well as inflation and the exchange rate.”

Alake noted that Out of the June 2023 distributable revenue of 1.9 trillion Naira, only N907 billion will be distributed among the three tiers of government, while 790 billion will be saved, and the rest will be used for statutory deductions.

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“These savings will complement the efforts of the Infrastructure S­upport Fund (ISF) and other existing and planned fiscal measures, all aimed at ensuring that the subsidy removal translates into tangible improvements in the lives and living standards of Nigerians.”

The Committee commends President Tinubu for the bold decision to remove the petrol subsidy, and even more importantly, for providing of necessary support to the States to cushion the effects of the subsidy removal on Nigerians.” He said.

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Roll Out Palliatives To Reduce Impact Of Subsidy Removal – Reps Tell Tinubu

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Subsidy Removal Parliatives

The House of Representatives urges Tinubu to implement urgent palliative measures for Nigerians affected by fuel subsidy removal. Skyrocketing petrol prices and increased costs of goods and services have caused widespread hardship. Committees are assigned to ensure compliance and address gully erosion on a critical road. EKO HOT BLOG reports that the House of Representatives … Read more

Fuel Subsidy Removal: Northern Youths Warn Of Dire Consequences For Struggling Nigerians

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Prices Of Petrol

  • The Northern Youth Council of Nigeria has warned against the Federal Government’s plan to remove fuel subsidy.

  • They fear that this move would increase the cost of living for Nigerians and cause severe economic consequences.

  • The NYCN has called on the government to prioritize job creation and economic growth instead of removing the subsidy.

EKO HOT BLOG reports that the The Northern Youth Council of Nigeria (NYCN) has warned against the plan of the Federal Government to remove fuel subsidy.

In a statement in Kaduna on Thursday, the President of the Council, Isa Abubakar, expressed the group’s opposition to the proposed fuel subsidy removal in June.

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