By Abimbola Ogunnaike
The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed, has disclosed that the Federal Government has secured the sum of $800 million from the World Bank under the National Social Investment Programme as part of palliatives to cushion the negative effects of the plan to remove subsidy on the petroleum products by June 2023.
Ahmed announced this Wednesday, 5 April, 2023 while fielding questions from State House correspondents after the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.
She said the fund which had been secured was ready for disbursement.
Asked about the palliatives that would be put in place before the removal subsidy on the premium motor spirit popularly known as petrol, the minister said: “The second question on exit of fuel subsidy, this is a commitment in the Petroleum Industry Bill,” the minister said.
According to her, there is a provision that says that 18 months after the effectiveness of the PIA that all petroleum products must be deregulated, that 18 months takes us to June 2023.
