• News
  • Article
  • Business
  • Health
  • Politics
  • Achievement/Profile
  • Sports
  • Features
  • Adverts
Menu
  • News
  • Article
  • Business
  • Health
  • Politics
  • Achievement/Profile
  • Sports
  • Features
  • Adverts
Home News

FG will replace fuel subsidy with N5,000 transport grant for 40m Nigerians –Zainab Ahmed

Tunde Omojowo by Tunde Omojowo
November 23, 2021
in News
0
Strike: FG promises to address ASUU’s basic demand within 7 days
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter

Zainab Ahmed, minister of finance, budget and national planning, says Nigeria will remove fuel subsidies by 2022 and replace them with N5000-a-month transportation grant to the poorest Nigerians.

Speaking at the launch of the World Bank Nigeria Development Update (NDU) on Tuesday, the minister said the grant will go to about 30 to 40 million Nigerians who make up the poorest population of the country.

READ ALSO

Nigeria Govt, Nestlé Forge Strategic Alliance to Enhance Water Quality Nationwide

Parents of Benue passengers allege soldiers aided kidnappers, fault Police rescue claim

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

“The subsidies regime in the [oil] sector remains unsustainable and economically disingenuous,” she said.

“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.

“We are very optimistic that the recent developments in the oil sector, such as the Petroleum Industry Act (PIA) 2021, hopefully, the full reactivation of the 4 public refineries in the country, and the completion and coming on stream of the 3 private refineries under construction in 2022, would significantly boost contribution from the sector to our economic growth efforts,” Ahmed added.

“I agree with the Report that with the expansion of social protection policies during the pandemic, the government has an opportunity to phase out subsidies such as the PMS subsidy while utilizing cash transfers to safeguard the welfare of poor and middle-class households.”

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).

Related Posts

News

Nigeria Govt, Nestlé Forge Strategic Alliance to Enhance Water Quality Nationwide

July 4, 2025
Parents of Benue passengers allege soldiers aided kidnappers, fault Police rescue claim
News

Parents of Benue passengers allege soldiers aided kidnappers, fault Police rescue claim

July 4, 2025
Tinubu, Atiku are good friends, they may be visiting each other at night – Orji Uzor Kalu
News

Tinubu, Atiku are good friends, they may be visiting each other at night – Orji Uzor Kalu

July 3, 2025
Tinubu playing politics instead of working for Nigerians — Peter Obi
News

Peter Obi Submits One-term Presidency Proposal to Coalition

July 3, 2025
AU peacekeepers’ helicopter crashes at Mogadishu Airport in Somalia 
News

AU peacekeepers’ helicopter crashes at Mogadishu Airport in Somalia 

July 3, 2025
News

I’ll Crush Any Attempt to Rebuild Iran’s Nuclear Programme – Israel PM, Netanyahu

June 25, 2025
Next Post
Zenith bank heralds Yuletide season with lights

Zenith bank heralds Yuletide season with lights

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

The Trumpet International Magazine is a real-time and comprehensive news magazine. It is an independent, national news provider for Africans, reporting daily developments and events in South Africa and other African Countries and their Citizens based in South Africa.

Categories

  • News
  • Article
  • Business
  • Health
  • Politics
  • Achievement/Profile
  • Sports
  • Features
  • Adverts
Menu
  • News
  • Article
  • Business
  • Health
  • Politics
  • Achievement/Profile
  • Sports
  • Features
  • Adverts

Recent Post

Nigeria Govt, Nestlé Forge Strategic Alliance to Enhance Water Quality Nationwide

Parents of Benue passengers allege soldiers aided kidnappers, fault Police rescue claim

Tinubu, Atiku are good friends, they may be visiting each other at night – Orji Uzor Kalu

Peter Obi Submits One-term Presidency Proposal to Coalition

AU peacekeepers’ helicopter crashes at Mogadishu Airport in Somalia 

Nigeria Govt, Nestlé Forge Strategic Alliance to Enhance Water Quality Nationwide

In a major step toward ensuring safer and

Read More »

Trumpet Magazine | © 2021.

Facebook Twitter Youtube Linkedin Instagram

Add New Playlist