The Federal Government has been granted $800 million by the World Bank for a comprehensive palliative scheme for its citizens, before the removal of fuel subsidy by June 2023.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this public on Wednesday, shortly after the Federal Executive Council ( FEC) meeting presided over by President Muhammadu Buhari.
Ahmed said the Nigerian government has resolved to end fuel subsidy by June, and, hence, has begun moves to make the impact less stressful for the citizens.
She also observed that already there has been meaningful engagement with the newly established Presidential Transition Council (PTC) and the incoming administration, with a view to driving the palliative programme.
“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 noted 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.
