July 23, 2024

Nigerian Govt. secures $800m World Bank grant for subsidy palliatives

Oredola Adeola

Nigeria’s outgoing government has announced the receipt of $800 million (370.4 billion) grant from the World Bank, expected to be used to provide public transportation and other forms of palliatives to limit the impact of planned petrol subsidy removal.

Zainab Ahmed, Minister of Finance, Budget and National Planning disclosed this during the weekly after the Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari on Wednesday.

According to the Finance Minister, engagements are ongoing with the newly established Presidential Transition Council (PTC) and the incoming administration, to drive the palliative program, which includes the need for buses among various considerations.

Ahmed had in March hinted that the President, Muhammad Buhari will implement oil subsidy removal before the end of his administration on May 29, 2023.

She said the implementation of the policy had been delayed because of the general election and the forthcoming National census.