President Bola Tinubu has approved the establishment of the 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 Thursday, July 20, 2023, in Abuja.
“The new Infrastructure Fund will enable the States to intervene and invest in the critical 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.”
In the same vein, monthly distribution from the federation account for the month of June increased to N1.9 trillion- probably the highest in the nation’s history.