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The Minister of Finance, Budget and National Planning has said that by 2022 Nigeria will remove fuel subsidy and replace them with 5000 transport grant for 40 million Nigerians.
The Minister said this while speaking at the lunch of the World Bank Nigeria Development Update (NDU) on Tuesday. She also stated that the grant will go to about 30 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.
Ahead of the target date of mid-2022 for the complete elimination of fuel subsidies, we are working with our partners on measures to cushion potential negative impact of the removal of the subsidies on the most vulnerable at the bottom 40% of the population.
“One of such measures would be to institute a monthly transport subsidy in the form of cash transfer of N5,000 to between 30 – 40 million deserving Nigerians.”
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.
