Nigeria will scrap fuel subsidies by 2022 and replace them with a N5000-a-month transportation grant to the poorest Nigerians, minister of finance, budget and national planning, Zainab Ahmed, has said.
Ahmed disclosed this while speaking at the launch of the World Bank Nigeria Development Update (NDU) on Tuesday, saying the grant will go to about 20 to 40 million Nigerians who make up the poorest population of the country.
According to her, the final number of beneficiaries will depend on the resources available after the removal of the fuel subsidy.
The World Bank had in the development update 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.
The minister said this programme is set for June 2022, but the federal government hopes to do this before June, in line with the Petroleum Industry Act (PIA).
More to follow…