President Tinubu reveals actual amount released to governors for palliative

President Bola Tinubu has disclosed that his administration only released N2 billion from the N5 billion promised to each of the 36 states for palliatives to cushion the effect of the removal of the fuel subsidy.

According to The Nation, the N2bn released was to mitigate the sharp increase in inflation if the N5bn had been released.

The president disclosed this on Friday, September 1, through his minister of finance and coordinating minister of the economy, Wale Edun, who gave his maiden press briefing in Abuja.

According to Edun, the Tinubu administration was mindful of the consequences that followed his action, so it opted to stagger the release of the palliative funds.

The minister further disclosed that the funds came from “a blend of grants to and borrowing by the state governments”.

According to the minister: “The president is going to deliver a better life to Nigerians by encouraging investment that increases productivity that grows the economy, thereby creating jobs and reducing poverty”.

Recall that President Tinubu inaugurated his cabinet on Monday, August 21, with 45 ministers, naming Edun as the minister of finance and coordinating minister of the economy.

The President had forwarded the names of 48 ministers to the Senate for screening and confirmation.

Still, the Red Chamber only confirmed 45 of the 48 ministers, citing security concerns for the three other ministers and suspended their confirmation till its resumption.