• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, June 6, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

FG approves Infrastructure Support Fund for states

Fund

The Matters Press by The Matters Press
July 21, 2023
Reading Time: 1 min read
0
Sukuk peaks, more profitable in Nigeria despite opposition

Abuja, July 21, 2023: President Bola Tinubu has approved the establishment of Infrastructure Support Fund (ISF) for states as part of measures to cushion the effects of the petrol subsidy removal on the Nigerians.

RELATED POSTS

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

A statement by Mr Dele Alake, Special Adviser to the President on Special Duties, Communications and Strategy, said the approval was disclosed at the monthly meeting of the Federation Account Allocation Committee on Thursday in Abuja.

He said that the new Fund would enable states to intervene and invest in the critical areas of transportation, including farm to market road improvements; agriculture, encompassing livestock and ranching solutions.

Others areas are 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.

Alake also said that the committee also resolved to save a portion of the monthly distributable proceeds to minimise 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.

He said that out of the June distributable revenue of N1.9 trillion only N907 billion would be shared among the three tiers of government, while N790 billion would be saved, and the rest to be used for statutory deductions.

He explained that these savings would complement the efforts of the ISF and other existing and planned fiscal measures aimed at ensuring a tangible improvement in the lives of Nigerians.

Alake said the committee commended Tinubu for the bold decision to remove the petrol subsidy, and for providing supports to the states to cushion the effects of the removal.

Tags: FundInfrastructure
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
Economy/Technology

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

June 6, 2025
Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
Next Post
What Central Bank did to First Bank, experts excited as new directors emerge

FBN Holdings half year profit before tax grows to N206bn

Nigeria to use poverty report for resource allocation

NEC directs states to develop social register for the vulnerable

Recommended Stories

Dangote Fertilizer in gas supply deal

Port Harcourt refinery targets December for production

August 25, 2023
Nigeria gets AfDB’s $14m as member of ATI

AfDB implements impactful, life-transforming projects in Africa

May 30, 2022
Edo unveils plans for investment desks

Summit to attract $2bn investments

July 25, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria’s 3MTT gets boost as EU, World Bank back initiative
  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us