From the N5 billion set aside for palliative measures in light of the termination of petroleum subsidies, Mr. Wale Edun, Minister of Finance and Coordinating Minister for the Economy, reports that N2 billion has so far been distributed to each state government.
Edun made this statement on Friday at a briefing in Abuja that was attended by important members of the government, including the Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Limited, Mr. Mele Kyari, and the Minister of Budget, Mr. Abubakar Bagudu.
The Senior Assistant to the President on Tax Reforms, Mr. Zacch Adedeji, the Director General of the Budget Office, Mrs. Patience Oniha, and the Chairman of the Presidential Tax Reform Committee, Mr. Taiwo Oyedele, were also present.
Edun claims that the purpose of the partial release of the monies is to stop inflation.
President Bola Tinubu’s stance that the country could not continue to service its debts with more than 90% of its revenue was reiterated by the minister when it came to the budget.
For his part, Kyari observed that the amount of petrol consumed each day has decreased from 66.6 million to 46 million litres.
His estimate is that daily production has grown to 1.6 million barrels.
