Tinubu’s government has spent about N3.27 trillion on palliatives to cushion the effect of the fuel subsidy removal on poor Nigerians.
President Bola Tinubu’s government has spent a total of about N3.27 trillion on palliatives to cushion the effect of the fuel subsidy removal on poor Nigerians.reports that Nigeria has experienced worsening economic hardships since the removal of fuel subsidy in May 2023.
These palliatives included N100 billion to acquire 3,000 units of 20-seater CNG-fuelled buses, N200 billion to boost agriculture production, N75 billion for manufacturers, N125 billion for micro, small and medium-sized enterprises and the informal sector, N185 billionn as palliatives for states, N1 trillion on student loans and other programmes.
Following this removal of fuel subsidy, the World Bank announced that 7.1 million Nigerians were at risk of poverty if the Federal Government failed to compensate or provide palliatives for them.The bank said, “In the immediate term, the removal of the petrol subsidy has caused an increase in prices, adversely affecting poor and economically insecure Nigerian households. Petrol prices appear to have almost tripled following the subsidy removal.
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