The World Bank on Wednesday granted the Federal Government the sum of $800 million to put up a comprehensive palliative scheme for its citizens, before the removal of fuel subsidy by June 2023.
Zainab Ahmed, the Minister of Finance, Budget and National
Planning, revealed this shortly after the Federal Executive Council ( FEC)
meeting presided over by President Muhammadu Buhari.
She said that the federal government has resolved to end
fuel subsidy by June, and, hence, has begun moves to make the impact less
stressful for the citizens.
She added that already there has been meaningful engagement
with the newly established Presidential Transition Council (PTC) and the
incoming administration, to drive the palliative programme.
According to her, “We have secured a modest sum of $800
million from the World Bank to drive the palliatives and we are targeting about
10 million households or 50 million vulnerable Nigerians in the first
instance,” the minister stated while briefing State House correspondents.
She further said that a good chunk of the fund will go to
the 10 million households considered to be most vulnerable, to cushion the
effect of the subsidy removal.
“We are currently engaging all the stakeholders. We know
that various plans are being considered, including the need for buses by the
Labour, amongst several other palliative schemes,” she noted.
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