As the Nigerian government resolved to end fuel subsidy by June, hence it has begun moves to make the impact less stressful for the citizens through securing a World Bank Loan of N368.2b equivalent to $800 million in putting up a Comprehensive palliative Scheme for citizen’s, this was disclosed by President Muhammadu Buhari.
“Nigerian government under President Muhammadu Buhari has secured N368.2bn ($800 million) from the World Bank 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, reiyerated 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 it has begun moves to make the impact less stressful for the citizens
She noted that already there has been meaningful engagement with the newly established Presidential Transition Council (PTC) and the incoming administration, with the view to driving the palliative programme.
“We have secured a modest sum of $800 million from the World Bank to drive the palliative 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.