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Apply for FG $800M Subsidy Removal Palliatives for 50M Nigerians (World Bank Assisted)

by myeduproject April 6, 2023
written by myeduproject April 6, 2023
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Apply for FG $800M Subsidy Removal Palliatives for 50M Nigerians (World Bank Assisted)

Apply for FG $800M Subsidy Removal Palliatives for 50M Nigerians (World Bank Assisted): FG has acquired the sum of $800m From World Bank for Subsidy Removal Palliatives for Poor Nigerians; this is in preparation for the removal of oil subsidies to reduce the effect of suffering poor Nigerians

In no distant time, preferably by June 2023. the Nigerian government will cease to pay oil subsidies, and this may have some unpleasant effects on the poor masses

To cushion this negative, FG under the National Social Investment Program, will be disbursing an $800 million grant from the World Bank to poor Nigerians

“The second question on the exit of fuel subsidy is a commitment in the Petroleum Industry Bill. There is a provision that says those 18 months after the effectiveness of the PIA that all petroleum products must be deregulated, that 18 months takes us to June 2023.

“We’re on course, we’re having different stakeholder engagements, we’ve secured some funding from the World Bank that is the first tranche of palliatives that will enable us to give cash transfers to the most vulnerable in our society that have now been registered in a national social register. Today that registers have a list of 10 million households. 10 million households are equivalent to about 50 million Nigerians.

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“But 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, some are more medium-term implementation.” The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed

Application for this grant is not yet onlinene, we encourage you to stay put and visit our page always for application update regarding this grant

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