Tinubu Approves Infrastructure Support Fund For 36 States
President Bola Tinubu has approved the establishment of the Infrastructure Support Fund (ISF) for the 36 states of the Federation in order to reduce the effects of the petrol subsidy removal on Nigerians.
This was revealed in a statement on Thursday by the presidential spokesman, Dele Alake, saying the approval followed the monthly meeting of the Federation Account Allocation Committee (FAAC) in Abuja.
The new Infrastructure Fund will allow the states intervene and invest in the key 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 statement read, “Out of the June 2023 distributable revenue of N1.9 trillion, only N907 billion will be distributed among the three tiers of government, while N790 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.”
