The federal government has indicated that it may withdraw at least N2.4 trillion from the Federation Account to cover the N5,000 cash relief that will be distributed to 40 million poor Nigerians after the fuel subsidy is phased out next year.
This means that the total amount spent on subsidised palliative might reach N2.58 trillion in a year.
Yunusa Abdullahi, the media adviser to Zainab Ahmed, the Minister of Finance, Budget, and National Planning, referred to a statement made by his boss following the Federal Executive Council meeting on November 24.
The funds will come from FAAC grants, according to Ahmed. FAAC, which is chaired by the Minister of Finance, is made up of Commissioners of Finance from each of Nigeria’s 36 states, as well as representatives from revenue-generating agencies like the Nigerian National Petroleum Company Limited, the Federal Inland Revenue Service, the Department of Petroleum Resources, the Central Bank of Nigeria, and the Nigeria Customs Service.
According to an individual who requested anonymity, the 40 million that the Federal Government is referring to has increased to almost 42 million. These are the destitute people we’ve tracked down over time. The ministries of planning in the various states submitted us their names.
“They send updates to us every month and then we add the names to our social register. As of today, the figure is about 42 million and is expected to hit 43 million by next month.”©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.