The federal government has disclosed that it has secured a World Bank facility worth $800 million on a segment of post-petroleum subsidy palliatives requirement in the country.
This was just as it stated that discussions are also on between the present administration and the in-coming government on modalities for the removal of fuel subsidy by middle of the year.
Read also:"We Give You Three Days", Trouble For Obi As MURIC Threatens Him
After the weekly Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, at the State House, Abuja, Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed that the $800 million was first tranche of palliatives to be disbursed through cash transfers to about 50 million Nigerians, who belong to the most vulnerable category of society.
She added that government was ready to go beyond cash transfer to rapid the effect of the subsidy removal.
On how much funding was received from the World Bank for the execution of the planned exit, Zainab said, “$800 million for the scale up of the National Social Investment Programme at the World Bank and it’s secured, it’s ready for this disbursement.”
Comments
Post a Comment