The Imo State Governor, Senator Hope Uzodimma, has started the distribution of the acquired food items and other relief materials meant to alleviate the economic impact of subsidy removal on Imo citizens.
Speaking at the event in Owerri, Governor Uzodimma said the fuel subsidy removal was “one of the most quotient policies of the Federal Government to save the economy from collapse.”
He commended President Bola Ahmed Tinubu for his economic initiatives in the policy transition of the country.
His statement reads: “You recall the incident of the policy of the removal of fuel subsidy, and the temporary hardship that followed. That policy was one of the most cogent policies that this government has taken to be able to save our economy from collapse.
“The policy we observed; came with some initial challenges which include high cost of living and poverty in the land. The Federal Government deliberately brought out measures that will cushion the effects of those negative impacts occasioned by the policy. The Federal Government working with State governments have lined up a lot of measures and actions. The Federal Government of recent supported all the States with what they called fiscal support.
“I can confirm that Imo State has received her own. In addition to that, the Federal Government also worked out a programme to distribute food products to States, through the State government.
“Out of the N4 billion, N2 billion has been released to Imo State of which the remaining N2 billion will be released very soon.
“In addition to that, the Federal Government will deliver maize worth of N1billion to the 36 States of the federation which means that N1billion worth of maize will also be delivered to Imo State. We are waiting to take delivery of that maize.
“We have decided to buy rice with the N2 billion sent to us, which represents (working by their unit price) N50,000 per bag of rice. We have decided to buy the rice from our local markets so that we can patronise our local sellers. We want the money to go round, so that there will be a value chain.
“Today, I am flagging off the distribution under phase one, 65,000 bags of rice to all the indigenes and citizens of Imo State and I want you to join me in thanking the President of the Federal Republic of Nigeria, President Ahmed Bola Tinubu (GCFR) for this gesture of his.
“There will be some initial challenges and teething problems but on the overall, he has rolled out some policies that will recover our economy, reduce the foreign exchange rate in Nigeria, and also create prosperity for all.”