We’ll pay N5,000 monthly to 40m Nigerians after subsidy removal –FG
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has revealed that the Federal Government would pay N5,000 monthly stipend to about 30-40 million vulnerable Nigerians to ameliorate the anticipated scorching effect ahead of the mid-2022 target for petrol subsidy removal.
According to THE SUN, Ahmed said this at a conference tagged ‘Nigeria Development Update (NDU)’ in Abuja on Tuesday. Information Guide Nigeria
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaThe conference had in attendance captains of industries and top government officials, including the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari.
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Speaking, the minister stated that hefty subsidy payouts remain an injurious development to the Nigerian economy and Nigerians.
“The subsidies regime in the 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 potential negative impact of the removal of the subsidies on the most vulnerable at the bottom 40 per cent 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.
“As a government, we remain committed to our broad objectives of stimulating broad-based growth through diversification and the active participation of the private sector to ensure that our growth is inclusive.
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“We will continue to prioritise investment in critical infrastructure needed to unlock production and supply constraints, to create adequate productive employment and preserve jobs, and to ensure macroeconomic stability and promote poverty reduction and equity. Jamb Result
“I agree with the report that, with the expansion of social protection policies during the pandemic, the government has an opportunity to phase out subsidies such as the PMS subsidy, while utilising cash transfers to safeguard the welfare of poor and middle-class households. Towards this end, we intend to accelerate our structural reforms, particularly in the power sector.”
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