World Bank Grants Nigeria $800 Million For Petrol Subsidy Removal Palliatives

The World Bank has Granted Nigeria $800 million grant to work out palliatives programme, ahead of the scheduled removal of petrol subsidy by June, 2023.

Finance Minister, Zainab Ahmed, announced this while addressing the state house correspondents at the end of the weekly meeting of the federal executive council on Wednesday.

The minister said the proposed palliative would target 10 million households or 50 million vulnerable Nigerians in the first stage.

She also spoke on a proposal to acquire passenger buses for distribution to the Organized Labour.

Already, the minister said Federal Government has embarked on meaningful engagement with the presidential transition committee and the incoming administration of President-Elect, Bola Tinubu.

Read Also:

Federal Government Accuses Peter Obi Of Sedition With Incitement To Uprising

The Organized Labour had warned that it would mobilize workers to fight the proposed petrol subsidy removal now or by the incoming Tinubu administration.

The Organized Labour called for the development of local capacity for the refining of crude oil for local consumption.

But the organized private sector are backing the proposed petrol subsidy removal to attract more investments into the downstream sector of the oil sector.