- The federal government is committed to ending some of the budgetary imbalances caused by the regressive fuel subsidy regime
- Buhari government officials have announced that they will be the End subsidies for petroleum products next year
- But given the economic impact the move will have on poor citizens, the government has announced certain measures to cushion the impact >
FCT, Abuja – The federal government has announced that it will spend around N200 billion per month on social welfare packages to very poor Nigerians in order to To cushion the impact of the fuel subsidy cancellation next year.
The Minister of Finance, Budget and National Planning, Ms. Zainab Ahmed, said N5,000 palliative wills at an estimated 40 Millions of Nigerians below The poverty line will be paid out to cushion the effects of the planned subsidy cancellation from July next year.
It is not yet clear whether the proposed amount will benefit the poor and most vulnerable Nigerians Budget 2022, which is currently being presented to the National Assembly.
Leading newspaper reports that the minister made the remarks on Tuesday, November 23rd, on the occasion of the World Bank’s publication of the Nigeria Development Update .
She put the number of the poorest population in the country at between 20 and 40 million who are expected to be the beneficiaries.
NNPC is hopeful for the revolution in Nigeria’s oil and gas industry
The Nigerian National Petroleum Corpor . for its part, ation (NNPC) has stated that implementation of the Petroleum Industry Act (PIA) will revolutionize the country’s oil and gas industry.
The ThisDay newspaper quoted a NNPC representative as saying, Bala Wunti The operationalization of the PIA would bring security, competitiveness and cost optimization in Nigeria’s oil and gas industry.
Kyari says that the subsidy regime will end by 2022
The NNPC chief said there would be no legal subsidies, adding that they are now legally protected.
However, he said the Nigerian government will greater social responsibility for the ordinary and ensuring that the subsidy regime is ended in the subtlest and simplest possible way.
An NNPC had previously announced that the payments for gasoline subsidies in the swallowed 714 billion N ha in the last seven months The report stated that the subsidy or underfunding was the undervalued sales of premium motor gasoline (PMS), better known as gasoline.
The report also includes a monthly breakdown of all payments to oil marketers from January to September.