Jumoke Olasunkanmi
The Federal Government, as part of measures to mitigate the effects of petrol subsidy removal, has released the sum of N2billion to all 36 states and the Federal Capital Territory (FCT).
According to the Minister of Finance and Coordinating Minister of Economy, Wale Edun, who addressed journalists at a press briefing on Friday, the fund is not a part of the proposed $800 million loan from the World Bank, but a N5billion palliative package by the Federal Government.
He added that it was a combination of a grant and loan to the 36 States and the FCT, adding that the Federal Government will withhold the N3billion balance in order to prevent inflation.
The minister also noted that the government will not keep borrowing to find the national budget but will generate revenue by improving oil production and creating an enabling environment for foreign and local investors to boost the economy.
