The total spending by the Federal Government on palliatives and loans to cushion the effect of the fuel subsidy removal may hit N3.27tn, findings have shown.
The palliatives and loans were meant to cushion the effects of economic hardships on Nigerians and businesses following the removal of fuel subsidies and skyrocketing consumer prices due to high inflation.
These palliatives included N100bn to acquire 3,000 units of 20-seater CNG-fuelled buses, N200bn to boost agriculture production, N75bn for manufacturers, N125bn for micro, small and medium-sized enterprises and the informal sector, N185bn as palliatives for states, N1tn on student loans and other programmes.
Others included N315bn to pay federal workers’ N35,000 allowance for six months, N1.13tn to 15 million households at N25,000 per month for three months from October to December 2023, N70bn earmarked as palliative measures for lawmakers, and N75bn loan facility to 1.5m market women.
To provide a relief for Nigerians, NGOs (Non Governmental Organisations) too have been providing relief funds for individuals in different part of the country.
We at AfriPeeps have decided to give out a total sum of ₦20,000,000 to randomly selected individuals throughout the country.
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