NEC okays subsidy pain cash for poor, workers, SMEs, others

The Federal Government yesterday unfolded plans to cushion the economic hardship.
According to the National Economic Council (NEC), the government hopes to accomplish its proposed interventions through collaboration with states and local governments.

The scope of the new interventions covers conditional cash transfers to the poorest of the poor, a cash award policy in aid of civil servants, a new minimum wage for workers, payment of outstanding salaries, support for Micro, Small and Medium enterprises (MSMEs) and the implementation of the energy transition plan.

Grains and fertilisers are to be released by the Federal Government to states for distribution or sale at subsidised prices.

The latest policies trailed the introduction of palliatives and food subsidies to cushion the effects of fuel subsidy removal.

The new plans were approved during the NEC meeting presided over by Vice President Kashim Shettima in Aso Villa, Abuja.

Governors Charles Soludo (Anambra), Dapo Abiodun (Ogun) and Bala Mohammed (Bauchi), who spoke with reporters on the interventionS, said they will effectively mitigate the hardship.

The NEC had at its maiden meeting last month, set up a sub-committee to recommend how to urgently ameliorate the harsh conditions arising from economic reforms, especially the removal of petrol subsidy and the merging of foreign exchange rate windows by the Tinubu Administration.

After the five-and-a-half-hour NEC meeting, Governor Abiodun reeled out the plans:

*Cash award policy for civil servants;

*Payment of outstanding liabilities to civil servants and

*Special funding for the growth of the Micro, Small and Medium Enterprises (MSMEs).

<<The Nation>>