President Bola Tinubu has approved the establishment of Infrastructure Support Fund (ISF) for the 36 States of the Federation as part of measures to cushion the effects of the petrol subsidy removal on the people.
The approval was disclosed at the monthly meeting of the Federation Account Allocation Committee (FAAC) on July 20th, 2023 in Abuja.
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The new Infrastructure Fund will enable the States to intervene & invest in the critical areas of Transportation, including farm to market road improvements; Agriculture, encompassing livestock & 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 Committee also resolved to save a portion of the monthly distributable proceeds to minimize the impact of the increased revenues-occasioned by the subsidy removal & exchange rate.