The Federal Government has obtained $800 million from the World Bank (also known as the IBRD) to offer post-petroleum subsidy palliatives for more than 50 million Nigerians before June 2023.
This information was disclosed to State House Correspondents on Wednesday following this week’s Federal Executive Council, which was presided over by President Major General Muhammadu Buhari (ret.) at the Aso Rock Mansion in Abuja.
Ahmed claims that the $800 million fund forms for the first round of palliatives are prepared to be distributed in cash to 10 million homes.
“There’s 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.
“Also, 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 stakeholder engagements, 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.
“Today, that register has a list of 10 million households. 10 million households are equivalent to about 50 million Nigerians,” she said.
When asked how much funding the FG received from the World Bank, the Minister said “$800m for the scale-up of the National Social Investment Programme at the World Bank. And it’s been secured, it’s ready for disbursement”.