Tinubu agreed to set up a fund to build infrastructure in the states In order to lessen the hardship of removing the petroleum from the coun...
Tinubu agreed to set up a fund to build infrastructure in the states
In order to lessen the hardship of removing the petroleum from the country, Nigerian President Bora Ahemd Tinubu has agreed to establish a fund to improve infrastructure in the 36 states of the nation.
On Thursday in Abuja, the government's revenue sharing committee (FAAC) convened its monthly meeting. The president gave his approval to the choice.
Dele Alake, the president's press secretary, said in a statement that the new fund will assist the states of the nation in investing in transportation, agriculture, road building, markets, animal husbandry, health, and education, particularly at the primary level, as well as electricity and drinking water for economic development and job creation for the citizens of the nation.
To lessen the effects of the potential rise in income brought on by the measures to end the oil subsidy and bring the dollar price in line with inflation, the committee also agreed to retain a portion of the money that is distributed each month.
Only 907 billion naira of the 1.9 trillion naira in income collected in June 2023, according to the committee, will be divided among the three levels of government, with the remaining 790 billion naira remaining in the fund.
These funds will be utilized to establish a fund to build infrastructure and carry out other projects, ensuring that the grant money is used to achieve significant developments and, as indicated in the announcement, better the lives of the residents.
Additionally, the committee praised the president for his decision to eliminate the oil tariff and unveiled a number of initiatives to help the populace cope with the hardship of losing the subsidy.
