Home News FG to substitute fuel subsidy with N5,000 transport grant for poor Nigerians

FG to substitute fuel subsidy with N5,000 transport grant for poor Nigerians

fuel - lagospost.ng
Zainab Ahmed

Nigeria’s Finance Minister, Budget and National Planning, Zainab Ahmed, has announced that the federal government will remove fuel subsidies by 2022.

According to Ahmed, fuel subsidies will be replaced with N5000-a-month transport grant to the poorest Nigerians.

She made this known on Tuesday, while speaking at the launch of the World Bank Nigeria Development Update, NDU.

Ahmed also noted the grant will go to about 30 to 40 million Nigerians, who make up the poorest population of the country.

“The subsidies regime in the oil sector remains unsustainable and economically disingenuous.

“Ahead of the target date of mid-2022 for the complete elimination of fuel subsidies, we are working with our partners on measures to cushion the potential negative impact of the removal of the subsidies on the most vulnerable at the bottom 40% of the population.

“One of such measures would be to institute a monthly transport subsidy in the form of cash transfer of N5,000 to between 30 – 40 million deserving Nigerians,” Ahmed said.

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