ADVERTISEMENT
  • About
  • Advertise
  • Careers
  • Contact Us
Tuesday, August 5, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Finance

Subsidy: FG Secures $800M World Bank Facility for Palliatives

by Justice Godfrey Okamgba
April 6, 2023
in Finance
0
World Bank
UBA
Advertisements

The World Bank has given the Nigerian government $800 million to set up a comprehensive palliative scheme for its citizens prior to the elimination of fuel subsidies in June 2023.

The Federal Government January had hinted at stopping the payment of fuel subsidies by the end of June 2023

Zainab Ahmed, Minister of Finance, Budget, and National Planning, announced on Wednesday that $800 million is the first tranche of palliatives to be disbursed through cash transfers to about 50 million Nigerians to the most vulnerable category of society.

“We made that provision to enable us to exit fuel subsidies by June 2023 when we were working on the 2023 Medium Term Expenditure Framework and the Appropriation Act,” she says.

We’re on track, we’re engaging various stakeholders, and we’ve secured some World Bank funding. That is the first tranche of palliatives that will allow us to provide cash transfers to our society’s most vulnerable members, who have now been registered in a national social register.

“Today, that register has a list of 10 million households.” Ten million households are equivalent to about 50 million Nigerians.

Cushioning the Effects of Subsidy Removal

MTN ADS

The Finance Minister said there are plans to go beyond cash transfers to cushion the effect the subsidy removal will have on Nigerians.

Her words: “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 to go beyond the requirement of just giving cash transfers. Labor, for example, might be looking for mass transit for its members.

“So there are several things that we’re still planning and working on, some we can start executing quickly, and some are more medium-term implementations.”

Ahmed said: “$800 million for the scale-up of the National Social Investment Programme at the World Bank, and it’s secured, ready for this disbursement.”

Loading

MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares

MTN ADS
Tags: CBNMinister of FinancePalliativeWorld Bank
Justice Godfrey Okamgba

Justice Godfrey Okamgba

Next Post
AGCS Global Industry Solutions TMT Outlook

Business Interruptions among Top Risks for TMT in 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Dr. Bosun Tijani, minister of Communications and Digital Economy, leading other dignitaries to the commissioning of MTN Dabengwa Data Centre in Lagos

MTN Dabengwa Data Centre: Sanwo-Olu, Tijani, Maida, Inuwa, Others Hail Nigeria’s Largest Prefabricated Modular

1 month ago
Video Games

Map Reveals The Most Popular Video Games of 2023

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.