Federal Government Set To Replace Fuel Subsidy With N5,000 Transport Grant For Nigerians
Zainab Ahmed, Nigeria’s Minister of Finance, Budget, and National Planning, has stated that fuel subsidies will be phased off by 2022.
Fuel subsidies, she claims, will be replaced with a monthly transportation stipend of N5000 for the poorest Nigerians.
Ahmed stated this on Tuesday, while speaking at the launch of the World Bank Nigeria Development Update (NDU).
The minister noted the grant will go to about 30 to 40 million Nigerians, who make up the poorest population of the country.
“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.
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“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,” Ahmed said.
