The Nigerian government has secured $800 million (N368,288,000,000) from World Bank under the National Social Investment Programme as part of offset measures to mitigate the negative effects of the proposed removal of the petroleum subsidy by June 2023.
Hajiya Zainab Ahmed, Minister of Finance, Budget, and National Planning, announced this development recently while answering questions from State House reporters after the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja.
As the Nigerian government prepares to end petroleum product subsidies in June, discussions are ongoing on how to neutralize the likely effects of the proposed fuel subsidy removal on the citizenry.
The Minister of State for Budget and National Planning, Clement Agba, expressed optimism that the committee working with state governors would soon reach a consensus on the issue.
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