Nov 28, 2021

Mawazo Writing Africa

Writing about the main

Breaking: FG to Replace Fuel Subsidy With N5,000 Transportation Grant for 40 Million Nigerians

  • The federal government has announced the payment of N5,000 as a transport subsidy after the abolition of the fuel subsidy
  • Nigeria’s Finance Minister Zainab Ahmed announced on Tuesday, April 23rd November 11th announced that the beneficiaries would be Nigerians, who make up the poorest population
  • According to the minister, FG hopes to do so by June 2022 in accordance with the Petroleum Industry Act (PIA )

The Nigerian government will cut fuel subsidies by 2022 and replace them with a transport subsidy of N5000 per month to the poorest Nigerians, reports The Cable .

Zainab Ahmed, Minister of Finance, Budget and National Planning, announced this on Tuesday, November 23rd at the launch of the Nigeria Development Update (NDU) World Bank.

According to Zainab, the grant will benefit around 20 to 40 million people mmen who are the poorest population in Ni. form geria.

The minister went on to say that the final number of beneficiaries will depend on the resources available after the cancellation of the fuel subsidy, added Arise TV.

< p class = "align-left"> The World Bank had said in its development update that the poorest 40% in Nigeria use less than 3% of the country’s total PMS and stressed that the rich benefit more from the subsidies.

Although the move is scheduled for June 2022, Ahmed hopes the federal government will do so by then, in accordance with the Petroleum Industry Act (PIA).

Buhari’s minister Announces FG’s Plan to Pay Nigerians ‘Transport Allowance

Recall that the federal government previously announced that it would pay Nigerians’ transport allowance after the fuel subsidies were lifted.

The Minister of Finance, Budget and nati Onal planning was expressed during an interview on Channels Television’s Politics Today program on Thursday, November 11th Education, Health and Critical Infrastructure should have been used.

NNPC: Report shows billions of naira gasoline subsidies have been devoured in 7 months

In the Meanwhile, gasoline subsidy payments have swallowed N714 billion in the past seven months, reducing monthly sales to the association’s account.

The report stated that the subsidy or underfunding was the underpriced sales of premium motor spirit (PMS), better known as gasoline.

The report also included a monthly breakdown of all payments made to oil marketers from January to September g were performed.