The new Infrastructure Support Fund will help Nigeria's 36 states revamp transportation, including upgrades of farm-to-market roads. It will also fund health, education, power and water projects, the president's office said in a statement, without providing details of how it will be funded.
Tinubu has been under pressure to offer relief to households and small businesses after he scrapped a popular but expensive petrol subsidy that kept prices cheap for decades but cost the government $10 billion last year, leading to wider deficits and driving up debt.
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Nigeria Govt's Grant To Cushion End of Fuel Subsidy Is Not EnoughPresident Bola Tinubu's administration removed the government subsidy on fuel recently. This has added pressure on consumers as the price of fuel has increased. This in turn has sparked the rise in food and transport costs, across the country. Now the president has decided on a six-month grant or palliative to assist 12 million needy households, with U.S.$10 (8,000 naira) in the face of rising food prices. The plan is to transfer this assistance digitally. Jerome Utomi opines in Vanguard that the decision "more than anything else, supports the belief that as a nation, we are poor not because of our geographical location or as a result of lack of mineral resources but predominantly because our leaders make policies that engender poverty and promote helplessness among its citizens". The Nigeria Labour Congress has also commented, saying: "The question is: of what help is N8,000 (U.S.$10) in an economy where workers now spend more than N8,000 (U.S.$10) in a week just to commute to and from their workplaces?"
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