The National Economic Council, NEC, has approved for the consideration of President Bola Tinubu the sum of N5 billion as intervention for each state of the federation and Federal Capital Territory Abuja.
The intervention is to cushion the effect of fuel subsidy removal.
Borno State Governor, Professor Babagana Zulum along side four other governors who briefed State House correspondents after the monthly National Economic Council meeting on Thursday, says 52% of the money is to be given to states as grant while 48% is to be paid back within a period of two years.
The Council commended the effort of the Federal Government, the National Emergency Management Agency, NEMA, and the Central Bank of Nigeria, CBN, on cushioning the effect of fuel subsidy removal.
Professor Zulum says that Council has also taken bold decision in other to ensure speedy releases of grains and other items to the less privilege in the society.
The Council advised that the $800 million loan should be strictly used for its intended purpose based on accurate acceptable Social Register.
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The Council has also set up an Ad-hoc Committee to engage with the leadership of labour unions in a bid to create a forum for dialogue towards resolving issues surrounding the fuel subsidy removal across the states.
On the perennial devastating flooding in the country, Council resolved that there is need to strengthen NEMA, and mobilise resources for them to take control of the flooding.
Oyo State Governor, Seyi Makinde on his part says that the Council wants the economic road map developed by the Nigeria Economic Summit Group, NESG to be revised and aligned with the existing economic agenda of the President Tinubu administration.
NEC as a statutory body chaired by the Vice President, Kashim Shettima has the constitutional responsibility of advising the President, Bola Tinubu on economic issues.
NEC also observed one-minute silence I’m honour of officers and soldiers of the Armed Forces ambushed and killed in Niger State a few days ago.
(Editor: Terverr Tyav)
