Petroleum subsidy: FG secures $800m World Bank fund for palliative…

Written by on April 6, 2023

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said yesterday that the Federal Government has secured $800m from the International Bank for Reconstruction and Development (World Bank), to provide post-petroleum subsidy palliatives for over 50 million Nigerians, ahead of June 2023.

The Minister disclosed this while briefing State House correspondents at the end of the weekly Federal Executive Council, FEC, a meeting chaired by President Muhammadu Buhari at the Council Chambers, Presidential Villa, Abuja.

She said the $800 million fund formed the first tranche of palliatives ready to be disbursed to 10 million households in form of cash.

Asked how much funding the FG received from the World Bank, the Minister said “$800million for the scale up of the National Social Investment Programme at the World Bank. And it’s been secured, it’s ready for disbursement”.

She, however, noted that the federal government must raise more resources to enable it do more than cash transfers.






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