Zainab Ahmed, minister of finance, budget and national planning, has said that the FG will remove fuel subsidies by 2022 and replace them with N5000 monthly transportation grant to the poorest Nigerians.
Speaking Tuesday, Nov. 23, at the launch of the World Bank Nigeria Development Update (NDU), she said the grant will go to about 30 to 40 million Nigerians who are the poorest in the country.
She added that the final number of beneficiaries will depend on the resources available after the removal of the fuel subsidy.
“The subsidies regime in the [oil] sector remains unsustainable and economically disingenuous,” she said.
“Ahead of the target date of mid-2022 for the complete elimination of fuel subsidies, we are working with our partners on measures to cushion potential negative impact of the removal of the subsidies on the most vulnerable at the bottom 40% of the population.
“One of such measures would be to institute a monthly transport subsidy in the form of…
Source: Linda Ikeji