SUBSIDY REMOVAL – The FG has secured the sum of $800 million from the World Bank as part of its post-subsidy palliative plans.
The minister of finance, budget & national planning, Zainab Ahmed disclosed this in Abuja on April 5th.
According to her, “This is a commitment in the Petroleum Industry Act. There’s 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 & the appropriation act, we made that provision to enable us exit fuel subsidy by June 2023.
We are on course, we’re having different stakeholder engagements, we’ve secured some funding from the World Bank, that is the first tranche of palliatives that will enable us give cash transfers to the most vuln£rable in our society that have now been registered in a national social register which is about 50 million Nigerians.