{"id":104092,"date":"2023-04-05T19:35:03","date_gmt":"2023-04-05T18:35:03","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=104092"},"modified":"2023-04-05T19:35:03","modified_gmt":"2023-04-05T18:35:03","slug":"subsidy-removal-fg-secures-800m-wbank-palliative-fund","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/subsidy-removal-fg-secures-800m-wbank-palliative-fund\/","title":{"rendered":"Subsidy removal: FG secures $800m W\u2019Bank palliative fund"},"content":{"rendered":"<div dir=\"auto\">The Federal Government has secured $800m fund from the World Bank to provide post-petroleum subsidy palliatives for over 50 million Nigerians ahead of June 2023.<\/p>\n<p>Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed this to State House Correspondents on Wednesday, after this week\u2019s Federal Executive Council chaired by President Muhammadu Buhari at the Aso Rock Villa, Abuja.<\/p>\n<p>According to Ahmed, the $800m fund being the first tranche of palliatives are ready to be disbursed to 10 million households in form of cash.<\/p>\n<p>\u201cThere\u2019s a provision (of the Petroleum Industry Act) that says 18 months after the effectiveness of the PIA that all petroleum products must be deregulated. That 18 month takes us to June 2023.<\/p><\/div>\n<div dir=\"auto\">\n\u201cAlso, when we were working on the 2023 Medium Term Expenditure Framework and the Appropriation Act, we made that provision to enable us to exit fuel subsidy by June 2023.<\/p>\n<p>\u201cWe\u2019re on course, we\u2019re having different stakeholder engagements, we\u2019ve secured some funding from the World Bank, that is the first tranche of palliatives that will enable us to give cash transfers to the most vulnerable in our society that have now been registered in a national social register.<\/p>\n<p>\u201cToday, that register has a list of 10 million households. 10 million households are equivalent to about 50 million Nigerians,\u201d she said.<\/p>\n<p>When asked how much funding the FG received from the World Bank, the Minister said \u201c$800m for the scale-up of the National Social Investment Programme at the World Bank. And it\u2019s been secured, it\u2019s ready for disbursement\u201d.<\/p><\/div>\n<div dir=\"auto\">\nHowever, she noted that the FG must raise more resources to enable it to do more than cash transfers.<\/p>\n<p>According to her, wide-ranging negotiations are underway to deploy non-cash palliatives such as a \u201cmass transit\u201d system for workers\u2019 daily commute.<\/p>\n<p>\u201cSo there are several things that we\u2019re still planning and working on, some we can start executing quickly, some are more medium-term implementation.<\/p>\n<p>\u201cThere are a lot of discussions going on at different levels, including with members of the transition committee of the incoming government,\u201d she said.<\/p>\n<p>Briefing State House Correspondents on Tuesday, March 28, Minister of Labour and Employment, Dr Chris Ngige, said the incoming administration of Bola Tinubu would bear the brunt of providing palliative measures for millions of Nigerians ahead of the discontinuance of petrol subsidy in June 2023.<\/p>\n<p>\u201cThe subsidy palliatives will be left to the incoming government to implement. We\u2019ll simply handover to them. Of course, we will give recommendations which they are at liberty to either accept or reject,\u201d he said.<\/p><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Federal Government has secured $800m fund from the World Bank to provide post-petroleum subsidy palliatives for over 50 million Nigerians ahead of June 2023. Minister of Finance, Budget and&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":98728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-104092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Subsidy removal: FG secures $800m W\u2019Bank palliative fund - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/subsidy-removal-fg-secures-800m-wbank-palliative-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Subsidy removal: FG secures $800m W\u2019Bank palliative fund - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Federal Government has secured $800m fund from the World Bank to provide post-petroleum subsidy palliatives for over 50 million Nigerians ahead of June 2023. 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