In a move aimed at ameliorate the pains that will come with removal of fuel subsidy after June, the Nigerian government will give N5,000 to 10 million households every six months.
This was clarified by the Minister of Finance, Budget, and National Planning, Zainab Ahmed, on Sunday during a briefing for Nigerian officials in Washington, DC, which was held in conjunction with the World Bank and International Monetary Fund’s spring meetings.
She reiterated that the Federal Executive Council had negotiated and authorized the $800 million, which is now up for ratification by parliament.
“Once the parliament approves it, we roll. We have also been doing preparatory work side by side along the approval process. And that includes the building of the social register, which will be used for the electronic transfers of the funds,” she said.
“We needed to have this ready because when the government eventually removes the fuel subsidy, there will be an immediate transport palliative that will be provided to the most vulnerable members of our society who have been identified, registered, and now contained in our national social register,” she noted
According to Zainab, the initial plan is to give each household a cash transfer of N5,000 each month for a period of six months. Therefore, we are doing an assessment with the transition team to determine whether this is sufficient.
“If it is insufficient, the nation must generate more money in order to cover more people, prolong the time period, or increase the amount, depending on what is ultimately agreed upon.
“There would be additional revenue that would now accrue to the Federation account when the subsidy is removed
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