The federal government has said that it would not seek further $800 million from the World Bank to offset the impact of the gasoline subsidy cut on disadvantaged Nigerians.
Mrs. Zaniab Ahmed, Minister of Finance, Budget, and National Planning, released a statement Saturday refuting press allegations that the federal government was looking for additional loans to offset the elimination of gasoline subsidies.
President Muhammadu Buhari’s Thursday letter seeking “the Senate to kindly approve a ‘additional’ loan facility to the tune of USD8OO million to be secured from the World Bank for the National Social Safety Net Programme” infuriated many Nigerians, who mistook it for a fresh $800 million.
On April 5, 2023, Nigeria announced that it has received $800 million from the World Bank to assist 50 million underprivileged Nigerians as a result of the elimination of fuel subsidies.
Yunusa Tanko Abdullahi, her Special Adviser for Media and Communications, revealed on Saturday that the $800 million in issue was just obtained from the World Bank.
“The news story is not correct,” the statement read. The Honourable Minister previously said that the $800 million World Bank loan for post-petrol subsidy reduction palliative was subject to parliamentary approval before the federal government could commence disbursement.
The government will not seek another loan to eliminate fuel subsidies. The same thing.
For the next six months, the facility would provide N5,000 to 10 million households.
“The minister explained that the palliatives intended to cushion the effects of the planned subsidy removal on vulnerable Nigerians would be reviewed after extensive consultation with stakeholders.”
“The $800 million has been negotiated and approved by the Federal Executive Council (FEC), and we now have a request before parliament for approval,” the minister said in a statement. When parliament approves, the next government may utilize it.
“Throughout the approval process, we’ve been preparing together.” This includes adding members of the President-elect’s transition team to the committee. “The social register will be verified before electronic funds transfers.”
