Thursday, June 26, 2025
  • About
  • Advertise
  • Careers
  • Contact
Newsroom Nigeria
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life
No Result
View All Result
Newsroom Nigeria
Home News

SUBSIDY AGONY: TINUBU SETS UP INFASTRUCTURE SUPPORT FUND

Out of the June 2023 distributable revenue of 1.9 trillion Naira, only N907 billion will be distributed among the three tiers of government, while 790 billion will be saved

Newsroom Nigeria by Newsroom Nigeria
July 21, 2023
in News
Reading Time: 1 mins read
0
SHARES
Share on FacebookShare on Twitter

President Bola Tinubu has approved the establishment of Infrastructure Support Fund (ISF) for the 36 States of the Federation as part of measures to cushion the effects of the petrol subsidy removal on the people.

The approval was disclosed at the monthly meeting of the Federation Account Allocation Committee (FAAC), on Thursday July 20, 2023, in Abuja.

Related posts

Fidelity MD, Onyeali-Ikpe Urges Women to Embrace Lifelong Learning and Collaboration for Career Success

June 22, 2025

WEST AFRICA MUST TURN DEMOGRAPHIC STRENGTH AND MINERAL WEALTH INTO JOBS AND INDUSTRY, SAYS TINUBU

June 21, 2025

The new Infrastructure Fund will enable the States to intervene and invest in the critical areas of Transportation, including farm to market road improvements; Agriculture, encompassing livestock and ranching solutions; Health, with a focus on basic healthcare; Education, especially basic education; Power and Water Resources, that will improve economic competitiveness, create jobs and deliver economic prosperity for Nigerians.

The Committee also resolved to save a portion of the monthly distributable proceeds to minimize the impact of the increased revenues-occasioned by the subsidy removal and exchange rate unification-on money supply, as well as inflation and the exchange rate.

Out of the June 2023 distributable revenue of 1.9 trillion Naira, only N907 billion will be distributed among the three tiers of government, while 790 billion will be saved, and the rest will be used for statutory deductions.

These savings will complement the efforts of the Infrastructure Support Fund (ISF) and other existing and planned fiscal measures, all aimed at ensuring that the subsidy removal translates into tangible improvements in the lives and living standards of Nigerians.

The Committee commends President Tinubu for the bold decision to remove the petrol subsidy, and even more importantly, for providing necessary support to the States to cushion the effects of the subsidy removal on Nigerians.

 

 

 

 

 

 

Dele Alake
Special Adviser to the President

Special Duties, Communications & Strategy

July 20, 2023

ShareTweetSendShareShare
Previous Post

GAMBARI AND THE DELICATE DANCE IN ILORIN

Next Post

N55,000 EXTORTION: WE  ARE ON THE TRAIL OF IMPOSTORS – LAGOS TASKFORCE

Related Posts

BANKING

Fidelity MD, Onyeali-Ikpe Urges Women to Embrace Lifelong Learning and Collaboration for Career Success

June 22, 2025
Foreign

WEST AFRICA MUST TURN DEMOGRAPHIC STRENGTH AND MINERAL WEALTH INTO JOBS AND INDUSTRY, SAYS TINUBU

June 21, 2025
Foreign

NIGERIA, BENIN SIGN INTEGRATION AGREEMENT AS PRESIDENTS TINUBU, TALON LEAD CALL FOR REGIONAL REFORMS

June 21, 2025
Foreign

GLOBAL ECONOMY WILL NOT WAIT FOR WEST AFRICA TO GET ITS ACT TOGETHER – TINUBU TELLS ECOWAS

June 21, 2025
INAUGURAL LECTURE: UNIVERSITY PROFESSOR OFFERS NEW PERSPECTIVES IN MARKETING
Education/Human Capital

INAUGURAL LECTURE: UNIVERSITY PROFESSOR OFFERS NEW PERSPECTIVES IN MARKETING

June 25, 2025
JUDICIARY

Seven Chinese Nationals Jailed for Cyberterrorism, Internet Fraud in Lagos

June 21, 2025
Next Post

N55,000 EXTORTION: WE  ARE ON THE TRAIL OF IMPOSTORS – LAGOS TASKFORCE

RECOMMENDED NEWS

President Tinubu Flies to France in a New Presidential Plane

10 months ago

Protest: Speaker Obasa Commends Lagosians for Peaceful Conduct

11 months ago

OBI, LP SUFFER SECOND DEFEAT AS COURT DISMISSES APPLICATION

2 years ago

NAIRA AGONY: BUHARI ORDERS CBN TO RELEASE MORE NEW NOTES, RETURNS OLD N200 NOTES

2 years ago

FOLLOW US

POPULAR NEWS

  • Troops Foil Deadly Terrorist Attack In Niger State, Lose 17 Soldiers

    Troops Foil Deadly Terrorist Attack In Niger State, Lose 17 Soldiers

    0 shares
    Share 0 Tweet 0
  • ADEBAYO HELD ALOFT THE BANNER OF THE UPN, LED BY OBAFEMI AWOLOWO, TINUBU PENS TRIBUTE TO A TRUE STATESMAN

    0 shares
    Share 0 Tweet 0
  • TINUBU SIGNS  FOUR TAX BILLS INTO LAW TO TRANSFORM FISCAL, REVENUE FRAMEWORK

    0 shares
    Share 0 Tweet 0
  • INEC Receives Applications To Register Obidients People’s Party (OPP), 109 Other Political Parties Registration

    0 shares
    Share 0 Tweet 0
  • Lagos Assembly Lauds Obasa’s Decade of Progressive Leadership, Proposes Legislative Institute t

    0 shares
    Share 0 Tweet 0
Newsroom Nigeria

This independent, liberal online news platform aims to inform citizens about important issues. NEWSROOM NIGERIA covers political, business, economic, national, and international news. They are committed to journalism ethics and hold the government accountable.

  • About
  • Advertise
  • Careers
  • Contact

© 2025 Newsroom Nigeria - Designed by Semasir Connect.

No Result
View All Result
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life

© 2025 Newsroom Nigeria - Designed by Semasir Connect.