BREAKING: FG To Replace Fuel Subsidy With N5,000 Transport Grant

Finance, Budget and National Planning Minister Mrs. Zainab Ahmed

Minister of finance, budget and national planning, Zainab Ahmed, says the Federal Government will remove fuel subsidy by 2022 and replace it with a N5,000-a-month transportation grant to the poorest Nigerians.

EKO HOT BLOG reports that Ahmed said this while speaking at the launch of the World Bank Nigeria Development Update (NDU) on Tuesday.

The minister said the grant will go to about 20 to 40 million Nigerians who make up the poorest population of the country.

She said the final number of beneficiaries will depend on the resources available after the removal of the fuel subsidy.

The World Bank in the development update had said the poorest 40% in Nigeria consume less than 3% of the total PMS in the country, highlighting that the rich were benefiting more from the subsidies.

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

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Stephen Jesuwale

Jesuwale Stephen is a journalist who finished from the Nigerian Institute of Journalism. He is a distinctive writer, media strategist and also a Digital Marketer