Loan: FG Begins $800 Million World Bank Grants Disbursement to Over 50 Million Nigerians – Apply Now!
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, disclosed this on Wednesday while briefing State House correspondents on the outcome of the Federal Executive Council (FEC) meeting in Abuja.
The meeting was presided over by President Muhammmadu Buhari. Mrs Ahmed said the money would be used to attend a segment of post-petroleum subsidy palliatives requirement in the country.
According to her, the $800 million is the first tranche of palliatives to be disbursed through cash transfers to about 50 million Nigerians, who belong to the most vulnerable category of society.
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She said: “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.
”We’re on course, we’re having different stakeholders’ engagements, and we’ve 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.
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“Today that register has a list of 10 million households. 10 million households is equivalent to about 50 million Nigerians.”
Mrs Ahmed added that the government was ready to go beyond cash transfers to cushion the effect the subsidy removal would have on Nigerians.
She said “We also have to raise more resources to enable us to do more than just the cash transfers and also in our engagements with the various stakeholders.
“There are various kinds of tasks that we have to go beyond the requirement of just giving cash transfers. Labor, for example, might be looking for mass transit for its members.
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“So, there are several things that we’re still planning and working on, some we can start executing quickly, some are more medium-term implementation.”
On how much funding was received from the World Bank for the execution of the planned exit, Mrs. Ahmed said: “$800 million for the scale-up of the National Social Investment Programme at the bank, and it’s secured, it’s ready for this disbursement.”
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