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Govt To Replace Fuel Subsidy With N5,000 Transport Grant For Poorest Citizens

Govt To Replace Fuel Subsidy With N5,000 Transport Grant For Poorest Citizens

The Federal Government of Nigeria has said that it will remove fuel subsidy by 2022 and replace it with a N5000-a-month transportation grant to the poorest citizens in Nigeria. Jamb Results

According to BUSINESS HALLMARK, this was disclosed b Zainab Ahmed, minister of finance, budget, and national planning on Tuesday at the launch of the World Bank Nigeria Development Update (NDU).

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According to her, the final number of beneficiaries will depend on the resources available after the removal of the fuel subsidy. Information Guide Nigeria

Recall that THE CABEL had reported that the World Bank in the development said the poorest 40% in Nigeria consume less than 3% of the total PMS in Nigeria while the rich benefit more from the subsidies.

BUSINESS HALLMARK reports that Ahmed said, although the move is set for June 2022, the federal government hopes to do this before June — in line with the Petroleum Industry Act (PIA).

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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