FG secures $800m as palliatives for fuel subsidy removal

The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has disclosed that the Federal Government of Nigeria has secured the sum of $800 million from the World Bank under the National Social Investment Programme as part of palliatives to cushion the negative effects of the plan to remove subsidy on the petroleum products by June 2023.

According to the finance minister,

“There is a provision that says that 18 months after the effectiveness of the PIA that all petroleum products must be deregulated, that 18 months takes us to June 2023.

Also, when we were working on the 2023 Medium Term Expenditure Framework and the Appropriation Act, we made that provision to enable us exit fuel subsidy by June 2023.

We are on course, we are having different stakeholder engagements, we have secured some funding from the World Bank that is the first tranche of palliatives that will enable us give cash transfers to the most vulnerable in our society that have now been registered in a national social register. Today that register has a list of 10 million households. 10 million households are equivalent to about 50 million Nigerians.

But we also have to raise more resources to enable us do more than just the cash transfers and also in our engagements with the various stakeholders, the various kinds of tasks that we have go beyond the requirement of just giving cash transfers. Labour, for example, might be looking for mass transit for its members.

So, there are several things that we’re still planning and working on, some we can start executing quickly, some are more medium-term implementation.”

Leave a Reply

Your email address will not be published.

WP Twitter Auto Publish Powered By : XYZScripts.com