The federal government through the Ministry of Finance, Budget, and National Planning says it has secured the sum of $800 million (N371,600,000,000) from the World Bank, as part of a subsidy removal benefit.
The Finance Minister Zainab Ahmed while addressing newsmen at the Federal Executive Council (FEC) meeting on Wednesday disclosed that 50 million Nigerians will benefit from the $800 million grants.
The meeting was presided by President Mohammadu Buhari.
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According to the finance minister, the $800 million is currently available for disbursement and it will be given to the most vulnerable in society under the national social register.
Ahmed said “Currently we are having different stakeholder engagements, for the execution of the funds we’ve secured from the World Bank.
“We secured the sum of $800 million for the scale-up of the National Social Investment Programme (NSIP) at the World Bank, it’s secured, and it’s ready to be disbursed.
”Currently we are having different stakeholder engagements that will enable us to give cash transfers to the most vulnerable in our society that have now been registered in the national social register.
“As of today, the register has a list of 10 million households, this is equivalent to about 50 million Nigerians.” She added.
The Minister also revealed that working on the 2023 medium-term expenditure framework and the appropriation act, a provision to enable the exit of fuel subsidy by June 2023 was made.
Ahmed said the government is still working on ending the current subsidy regime in June.
She added that engagements with the newly established presidential transition council (PTC) and the incoming administration have been initiated.