Fuel Subsidy Removal: 10 Million Households To Get N5,000 Monthly For Six Months
Afimag.com –
The Minister of Finance, Mrs Zainab Ahmed has revealed how $800m world bank would be expended, saying that part of the facility will be used to provide financial support for 50 million Nigerians for six months after the fuel subsidy is removed.
The Minister also said that Nigeria would benefit from the debt restructuring being worked out under the auspices of the World Bank and International Monetary Fund.
According to her, the $800 million facility would be used to subsidize transport cost for the most vulnerable members of the society, which according to Ahmed, have been identified and registered in the Nigeria’s social register.
She explained that the national social register was formulated by the Ministry of humanitarian affairs, disaster management, and social development with the support of the World Bank with a special focus on ten million households.
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While saying that the country has savings from the proposed removal of fuel subsidy, Zainab said the fund for palliatives would be grown to cover more vulnerable Nigerians, adding that the documented families would receive N5,000 monthly.
She said, ‘’The initial design is to disburse cash transfers of N5,000 per month per household for a period of six months. So, whether this is enough is an assessment that we are undertaking with the transition team.
“If it’s not enough, the country has to raise additional resources to be able to cover more people, extend the period or increase the amount; whichever is finally negotiated upon.
“When the subsidy is removed, there would be additional revenue that would now accrue to the Federation account. One of the things we are working on is how to use this incremental revenue would be used.
“The money belongs to the federal, state, and local governments. So, we need a consensus of how to use this.”