Senate President Godswill Akpabio mentioned that each state governors receive N30bn from the Federation Account to help with the high cost of living and expensive food prices. Before this, the federal government had already given governors N2 billion from a N5 billion loan meant to ease the impact of stopping fuel subsidies.
In a recent session, Akpabio shared that he heard state governors receive N30bn through the Federal Inland Revenue Service (FIRS) on top of their usual funds. He stated, “There’s this unconfirmed story going around that each state government recently got an extra N30 billion from the Federal Inland Revenue Service, besides their regular money from the Federation Account, to help with the rising food prices.”
He encouraged the governors to wisely use this money to lower food prices and tackle other issues in the country. Akpabio believes that “State governments really need to step up. They’re closer to the people. I believe if the state governments do their part, then the local governments, which are mostly under the states’ control, will help distribute aid to reach the citizens. But let’s remember, Nigerians aren’t interested in excuses. They want to see results and have food on their table, regardless of the current challenges.”
Akpabio also mentioned the recent protests in different parts of Nigeria against the rising cost of living. He suggested that some protests might be organized by groups opposing the government, failing to acknowledge the efforts by the Senate and the federal government to combat inflation.
He pointed out that the current economic downturn stems from COVID-19, security issues, and the N30 trillion Ways and Means advance taken by the previous government from the Central Bank of Nigeria (CBN). “We’re facing an unusual situation, worsened by several factors like the pandemic, insecurity, and the huge financial gap left by the previous government’s borrowing, which puts us in a tough spot. But we’re committed to moving forward and addressing these challenges,” Akpabio said.
Adding to the discussion, Deputy Senate President Barau Jibrin highlighted that the economic difficulties aren’t unique to Nigeria. He noted, “What we’re going through isn’t happening just here. Other countries, including the UK and the US, are also facing tough economic times. The global economy is struggling, not just ours.”
Jibrin emphasized the government’s efforts to improve the situation and called for state governments to pitch in, especially now that they have more funds from the removal of fuel subsidies. “State governments should join in the effort to ease the economic challenges. We’ve seen senators and representatives distributing grains. It’s time for state and local governments to do their part too,” Jibrin added.
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