Ogun Gov Earmarks N5bn Intervention Fund To Tackle Rising Cost Of Food, Others

To ameliorate the impacts of the current economic challenges on residents of Ogun State, the state Governor Dapo Abiodun has earmarked a N5 billion intervention fund.

According to the governor, the intervention will focus on education, health, agriculture and civil service, noting that the intervention will be implemented in phases.

“Recognising the concerns raised by our citizens regarding the increase in food prices and shortages, along with the depreciation of the naira, our administration has planned a series of initiatives aimed at relieving the burden on all our citizens during this trying period,” the governor said in a statement on Wednesday.

Abiodun said the state will provide a minimum of five exercise books to all the 850,000 students in the state public primary and secondary schools.

He said a one-time education support grant of N10,000 will be given to at least 100,000 pupils in public primary and secondary schools, while an education grant of N50,000 each will be given to 27,600 indigent students in various tertiary institutions nationwide.

In the area of health, he said the state will offer insurance health cover to over 70,000 beneficiaries, including pregnant women, children, the elderly, market women, and members of the informal sector.

“Under the Ibidero Scheme, pregnant women will receive free prenatal care, an additional N5,000 per birth, and free postnatal care in the state hospitals and primary health care centres,” the governor asserted.

He stated that food palliatives will be provided to approximately 300,000 households across the state.

Also as part of the intervention is the clearing of backlog of inherited deductions in the civil service, which he said N500 million will be allocated monthly towards outstanding deductions.

“These immediate interventions across all sectors of the state economy amount to approximately N5 billion. We are confident that we will overcome this temporary economic situation. The sacrifices we make now are necessary for a better future.

“We would like to express our gratitude to our President, Asiwaju Bola Ahmed Tinubu, GCFR, for his continuous efforts in navigating the complexities of our nation’s economy. We acknowledge his dedication to steering the ship through difficult times, and we appreciate his leadership,” Abiodun added.

Nigerians are experiencing economic pains due to rising cost of food prices and the continuous depreciation of naira.

While the country’s inflation rate is about 28.92 percent, based on December figure from the National Bureau of Statistics (NBS), the Nigerian Economic Summit Group (NESG) is projecting inflation to average 21.5 this year from an estimated average of 24.5 percent in 2023.

The slowdown in inflationary pressure, the association said, would be driven by lower deficit monetisation structurally, relative exchange rate stability, and other heightened monetary measures by the Central Bank of Nigeria (CBN).