Fuel Subsidy Removal: World Bank Gives FG $800m For Palliatives
Afimag.com –
Following the decision of the Federal Government of Nigeria to remove the controversial fuel subsidy, the World Bank has granted Nigerian government $800 million.
The grant was to provide a palliative package for Nigerians before the removal of the fuel subsidy scheduled for June 2023.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who disclosed this on April O5, 2023, said no going back on the fuel subsidy removal.
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Ahmed told newsmen after a meeting with stakeholders that the government has commenced the processes to easy the burden the subsidy removal on Nigerians.
She said, “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.
“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.”