Minister of Finance, Budget and National Planning Zainab Ahmed announced that the Federal Government has secured $800 million from the International Bank for Reconstruction and Development (World Bank) to fund post‑petroleum‑subsidy palliatives for over 50 million Nigerians ahead of the June 2023 deadline. She made the disclosure to State House correspondents on Wednesday, following the week’s Federal Executive Council meeting chaired by President Major General Muhammadu Buhari (retd.) at Aso Rock Villa, Abuja.
According to Ahmed, the $800 million constitutes the first tranche of palliatives, which will be disbursed as cash transfers to 10 million households—approximately 50 million Nigerians—already registered in the national social register. She explained that the Petroleum Industry Act mandates deregulation of all petroleum products 18 months after its effective date, a timeline that leads to June 2023. “When we were preparing the 2023 Medium‑Term Expenditure Framework and the Appropriation Act, we included a provision to enable us to exit the fuel subsidy by June 2023,” Ahmed said. “We are on course, engaging with stakeholders, and have secured World Bank funding for the first tranche of cash transfers to the most vulnerable.”
When asked about the amount received from the World Bank, the minister confirmed, “$800 million for the scale‑up of the National Social Investment Programme. It has been secured and is ready for disbursement.” She added, however, that additional resources are needed to go beyond cash transfers. Ongoing negotiations aim to deploy non‑cash palliatives, such as a mass‑transit system for workers’ daily commutes. “Some initiatives can be implemented quickly, while others are medium‑term. Discussions are taking place at various levels, including with members of the transition committee of the incoming government,” she noted.
In a separate briefing to State House correspondents on Tuesday, March 28, Minister of Labour and Employment Dr. Chris Ngige said the incoming administration of Bola Tinubu would be responsible for delivering palliative measures to millions of Nigerians after the petrol subsidy ends in June 2023. “The subsidy palliatives will be left to the incoming government to implement. We will simply hand them over, providing recommendations that they may accept or reject,” he said.
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