FG To Replace Fuel Subsidy With N5k Transport Grant For 40m Poor Nigerians

By -

Zainab Ahmed, minister of finance, budget and national planning, says Nigeria will remove fuel subsidies by 2022 and replace them with N5000-a-month transportation grant to the poorest Nigerians.

Speaking at the launch of the World Bank Nigeria Development Update (NDU) on Tuesday, the minister said the grant will go to about 30 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 subsidies regime in the [oil] sector remains unsustainable and economically disingenuous.

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 cash transfer of N5,000 to between 30 – 40 million deserving Nigerians.”

“We are very optimistic that the recent developments in the oil sector, such as the Petroleum Industry Act (PIA) 2021, hopefully, the full reactivation of the 4 public refineries in the country, and the completion and coming on stream of the 3 private refineries under construction in 2022, would significantly boost contribution from the sector to our economic growth efforts,” Ahmed added.  

Comments

Post a Comment

Popular posts from this blog

How Ndionyenma Led Thugs to Demolish Millions of Property In Abia Community And What The Police Must do

By -
Image
By Kingsley Amaechi, Abia State. The presiding Pastor of the World Conqueror Ministry, Monday Nwajiri has raised alarm over alleged plot by member of his kinsmen to kidnap and take his life over some of his landed properties in his hometown. The Lagos based clergyman and native of Mba in Abia State called on Nigerians, especially the Inspector General of Police and other relevant security agencies to come to his aid. Narrating his ordeal in the hands of his own relatives, who are supposed to be his own people, Nwajiri said even though he does not understand their sudden hate and jealousy, he is still trying to figure out why they wish and wants him dead at all cost, despite destroying his properties. Speaking exclusively to journalists in Lagos, Monday Nwajiri said he had not only reported the case at the community police station, but he has also take a step further to drag his kinsmen to the state police headquarters, in his words; even though the police have asked all parties to main
Read more

Alleged N4.8bn Fraud: Court Adjourns Cletus Ibeto’s Case till Apr 15

By -
Image
  Justice Oyindamola Ogala of the Lagos State High Court sitting in Ikeja, Lagos, on Monday, March 11, 2024 adjourned the alleged N4.8 billion fraud brought against a businessman, Chief Cletus Ibeto, till April 15, 2024. The case, which was initially before Justice I.O. Ijelu, of the Lagos State High Court, Ikeja, suffered several adjournments due to the absence of the defendant to take his plea with respect to the 10-count charges filed against him by the Economic and Financial Crimes Commission, EFCC. He was charged alongside his companies, Ibeto Energy Development Company and Odoh Holdings Ltd. Justice Ijelu had on November 3, 2023 declared Ibeto wanted, based on an application moved by counsel to the EFCC, Rotimi Jacobs, SAN. He also issued a bench warrant for his arrest. However, when the case came up on January 29, 2024, the court informed all parties involved that the case file had been returned to the Chief Judge of the State High Court. Thereafter, the case file was re-assigne
Read more

Project Lead Africa Unveils Theme, Announce 2022 Leadership Excellence And Dignity Awards

By -
Image
Organizers of Leadership Excellence And Dignity Awards have annouced November 13th for the 2022 maiden edition of Lead Awards. It was also revealed that the prestigious event will hold at the Dome International Conference Center, Akure, Ondo State. Addressing a cross section of journalists over the weekend in Lagos, the Executive Director, Abiola Alaba Peters AAP, said the evening promises to be a gathering of captains of industries, government officials and prominent traditional rulers as far as Ondo State is concerned. "It is our pleasure to announce to the general public, particularly the good people of Ondo State, that all is set for the 2022 Leadership Excellence And Dignity Awards. This announcement was necessary after several months of consultation and planning, the event will be live at the Dome International Conference Center, in Ondo State capital, Akure" "The date is November 13th 2022, It's going to be a cooperate night, an evening of glitz and glamour, w
Read more