The Nigerian government has secured an $800 million grant from the World Bank to provide palliatives for 10 million households, or 50 million vulnerable Nigerians, ahead of the planned subsidy removal in June 2023.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made the announcement during the weekly Federal Executive Council meeting chaired by President Muhammadu Buhari.
The grant is part of the government’s efforts to mitigate the effects of the planned removal of subsidies on petroleum products.
According to the Minister, the government is currently engaging with the newly established Presidential Transition Council (PTC) and the incoming administration to ensure the effective implementation of the palliative program.
The program includes the provision of buses among other considerations.
Meanwhile, the Federal Government has approved the sum of 10.9 billion naira for the supply and installation of information and communication technology components for the 2023 National Population Census, scheduled to hold in May.
The approvals were also made during the FEC meeting chaired by President Muhammadu Buhari.
The grant from the World Bank is expected to go a long way in providing support for vulnerable Nigerians, especially those who are most affected by the removal of subsidies on petroleum products.
The government is committed to ensuring that the impact of the subsidy removal is minimal, and the grant is one of the ways in which it aims to achieve this.
The government’s efforts in this regard are commendable and should be supported by all Nigerians.