The relief aid given to the states by the federal government
to cushion the effects of the removal of the petrol subsidy is a loan.
Earlier, the federal government announced a N5 billion
relief package for each state of the federation, including the federal capital
territory (FCT).
Babagana Zulum, governor of Borno, who spoke on Thursday at
the end of the national economic council (NEC) meeting presided over by Vice
President Kashim Shettima, said the palliative would enable state governments to
procure 100,000 bags of rice, 40,000 bags of maize and fertilizers to cushion
the effect of food shortage across the country.
However, in a memo to governors entitled “Re: Distribution
of Palliatives – Terms of FG Facility”, Asishana Okauru, director-general of
Nigeria Governors Forum (NGF), said states might opt out of the offer and
return a sum of N2 billion already given to them.
“I have been directed
by the Chairman, H.E. AbdulRahman AbdulRazaq to forward the terms of the
facility as follows,” Okauru said in the memo.
“Facility size: N4,000,000,000.00
Loan (48%): N1,920,000,000.00
FGN Grant: (52%)
N2,080,000,000.00 Beneficiary each state government
Tenure: 20 months
Interest Rate: Nil
Moratorium: Three months
Repayment Mode: Monthly
Repayment Amount: N120,000,000.00
Security Irrevocable Standing Payment Order (ISPO)
“Your excellency is invited to note that this offer is
optional and states that do not wish to participate may opt-out and refund the
N2 billion already disbursed to them.”
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Whatever its be informed that only affordable fuel price will ensure relief to the masses. Delve into your ocean of ideas and find a way to reduce the price please Baba tinubu
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