According to the federal government, as part of its post-subsidy palliative preparations, it has obtained $800 million from the World Bank.
This information was provided to state house journalists by Zainab Ahmed, the minister of finance, budget, and national planning, following a Federal Executive Council (FEC) meeting on Wednesday that was presided over by President Muhammadu Buhari.
After a budget of N3.35 trillion for fuel subsidies, the federal government said last year that it will discontinue making under-recovery payments in June 2023.
Subsidies or under-recovery cost the government N3.3 trillion in just 11 months in 2022.
The government is still trying to remove the present subsidy regime in June, according to Ahmed, who spoke for the authority on the subject.
She said that interactions with the recently formed Presidential Transition Council (PTC) and the new administration have already begun.
To lessen the impact of the subsidy elimination, Ahmed also stated that the $800 million obtained from the World Bank will be distributed to the 10 million households judged to be the most vulnerable.
Speaking further about the intended use of the cash, Ahmed added that interested parties are being consulted and that the funds are currently available for distribution.
