{"id":144458,"date":"2023-04-05T21:33:32","date_gmt":"2023-04-05T20:33:32","guid":{"rendered":"https:\/\/newmail-ng.com\/?p=144458"},"modified":"2023-04-05T21:33:32","modified_gmt":"2023-04-05T20:33:32","slug":"fg-to-disburse-800m-to-50m-nigerians-as-palliative-for-petrol-subsidy-removal","status":"publish","type":"post","link":"https:\/\/newmail-ng.com\/fg-to-disburse-800m-to-50m-nigerians-as-palliative-for-petrol-subsidy-removal\/","title":{"rendered":"FG to disburse $800m to 50m Nigerians as palliative for petrol subsidy removal"},"content":{"rendered":"

The federal government says it has secured the sum of $800 million from the World Bank, as part of its post-subsidy palliative plans.<\/strong><\/h2>\n
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Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house journalists, after the federal executive council (FEC) meeting presided over by President Muhammadu Buhari, on Wednesday.<\/p>\n

Last year, following a N3.35 trillion petrol subsidy\u00a0budget<\/a>,\u00a0<\/strong>the federal government\u00a0said it would stop under-recovery payments in June 2023.<\/p>\n

In 2022, subsidy or under-recovery cost the government the\u00a0sum of N3.3 trillion<\/strong><\/a> in 11 month alone.<\/p>\n

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Ahmed, expressing the authority\u2019s resolve on the matter, said the government is still working on ending the current subsidy regime in June.<\/p>\n

She said engagements with the newly established presidential transition council (PTC) and the incoming administration have been initiated.<\/p>\n

Ahmed also said the $800 million received from the World Bank will be disbursed to the 10 million households considered to be most vulnerable, to cushion the effect of the subsidy removal.<\/p>\n

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\u201cThis is a commitment in the Petroleum Industry Act. There\u2019s 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,\u201d the minister said.<\/p>\n

\u201cAlso, when we were working on the 2023 medium-term expenditure framework and the appropriation act, we made that provision to enable us exit fuel subsidy by June 2023.<\/p>\n

\u201cWe are on course, we\u2019re having different stakeholder engagements, we\u2019ve secured some funding from the World Bank, that is the first tranche of palliatives that will enable us give cash transfers to the most vulnerable in our society that have now been registered in a national social register.<\/p>\n

\u201cToday that register has a list of 10 million households. 10 million households is equivalent to about 50 million Nigerians.<\/p>\n

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\u201cBut we also have to raise more resources to enable us to do more than just the cash transfers and also in our engagements with the various stakeholders, the various kinds of tasks that we have go beyond the requirement of just giving cash transfers. Labour, for example, might be looking for mass transit for its members.<\/p>\n

\u201cSo, there are several things that we are still planning and working on, some we can start executing quickly, some are more medium-term implementation.\u201d<\/p>\n

Speaking further on plans for the funds, Ahmed said the money is currently available for disbursement and concerned stakeholders are being engaged.<\/p>\n

\u201c$800 million for the scale up of the national social investment programme (NSIP) at the World Bank and it\u2019s secured, it\u2019s ready for this disbursement,\u201d she added.<\/p>\n

\u201cWe are currently engaging with all the stakeholders. We know that various plans are being considered, including the need for buses by the Labour, amongst several other palliative measures.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The federal government says it has secured the sum of $800 million from the World Bank, as part of its post-subsidy palliative plans. Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house journalists, after the federal executive council (FEC) meeting presided over by President Muhammadu Buhari, on Wednesday. Last year, […]<\/p>\n","protected":false},"author":8,"featured_media":144459,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,15,2],"tags":[16445,1738,29774],"yoast_head":"\nFG to disburse $800m to 50m Nigerians as palliative for petrol subsidy removal | New Mail Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmail-ng.com\/fg-to-disburse-800m-to-50m-nigerians-as-palliative-for-petrol-subsidy-removal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FG to disburse $800m to 50m Nigerians as palliative for petrol subsidy removal | New Mail Nigeria\" \/>\n<meta property=\"og:description\" content=\"The federal government says it has secured the sum of $800 million from the World Bank, as part of its post-subsidy palliative plans. 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