April 23, 2024 3:46 pm
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Tinubu Gives Green Light to Groundbreaking Infrastructure Support Fund for All States

President Bola Tinubu Approves Infrastructure Support Fund for Nigerian States

President Bola Tinubu of Nigeria has given his approval for the establishment of the Infrastructure Support Fund (ISF) in all 36 states of the country. The aim of this fund is to help lessen the impact of the petrol subsidy removal on Nigerian citizens. The announcement was made by the presidential spokesman, Dele Alake, following the monthly meeting of the Federation Account Allocation Committee (FAAC) held in Abuja.

With the introduction of the Infrastructure Support Fund, states will now be able to invest in essential areas such as transportation, including improvements to farm-to-market roads, agriculture focusing on livestock and ranching solutions, healthcare with an emphasis on basic healthcare, education particularly basic education, and power and water resources. These investments are expected to enhance economic competitiveness, generate employment opportunities, and bring about economic prosperity for Nigerians.

  1. Only N907 billion out of the June 2023 distributable revenue of N1.9 trillion will be distributed among the three tiers of government.
  2. The remaining N790 billion will be put into savings, to be used for statutory deductions.

It is believed that these savings will complement the efforts of the Infrastructure Support Fund and other fiscal measures that have been planned or are already in place, all with the primary goal of ensuring that the removal of the petrol subsidy leads to tangible improvements in the lives and living standards of Nigerians.

The statement released also praised President Tinubu for his courageous decision to remove the petrol subsidy, as well as his commitment to providing the necessary assistance to the states in order to mitigate the impact of the subsidy removal on Nigerian citizens.

Additionally, it was decided by the committee that a portion of the monthly distributable proceeds will be saved to minimize the effects of the increased revenues resulting from the subsidy removal and the unification of the exchange rate on money supply, inflation, and the exchange rate.

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