By Egena Sunday Ode
The World Bank has granted the Nigerian government $800 million dollars to put up a comprehensive palliative scheme for citizens, prior to the removal of fuel subsidy by June, 2023.
Minister of Finance, Budget and National Planning, Zainab Ahmed revealed this on Wednesday, shortly after the Federal Executive Council ( FEC), meeting presided over by President Muhammadu Buhari.
According to Ahmed, the Nigerian government has resolved to end subsidy by June, hence has begun moves to mitigate the impact on the citizens.
The minister noted that already there had been meaningful engagements with the newly established Presidential Transition Council ( PTC) and the incoming administration, with a view to driving the palliative program.
“We have secured a modest sum of $800m from the World Bank to drive the palliatives and we are targeting about 10m households or 50m vulnerable Nigerians in the first instance,” the Minister stated while briefing State House Correspondents.
She noted that a good chunk of the funds will go to the 10million households considered to be most vulnerable, to cushion the effect of the subsidy removal.
“We are currently engaging with all the stakeholders. We know that various plans are being considered, including the need for buses by the Labour Union, amongst several other palliatives scheme,” she noted.
