Federal Government of Nigeria says it will remove fuel subsidy by 2022 and replace it with a N5,000-a-month transportation grant to the poorest Nigerians.
Gatekeepers News reports that the minister of finance, budget and national planning, Zainab Ahmed, says poorest Nigerians will be given N5,000-a-month transportation by 2022.
Ahmed said this while speaking at the launch of the World Bank Nigeria Development Update (NDU) on Tuesday.
The minister said the grant will go to about 20 to 40 million Nigerians who make up the poorest population of the country.
She said the final number of beneficiaries will depend on the resources available after the removal of the fuel subsidy.
The World Bank in the development update had said the poorest 40% in Nigeria consume less than 3% of the total PMS in the country, highlighting that the rich were benefiting more from the subsidies.
Ahmed said this move is set for June 2022, but the federal government hopes to do this before June — in line with the Petroleum Industry Act (PIA).
This is a developing story…
