From Juliana Taiwo-Obalonye, Abuja

The Federal Government, yesterday, disclosed that it has secured $800 million grant from the World Bank, as part of its post fuel subsidy palliatives.

Minister of Finance, Budget and National Planning, Zainab Ahmed made the disclosure to State House Correspondents after the weekly meeting of the Federal Executive Council ( FEC), presided over by President Muhammadu Buhari.

She said government was resolute in ending fuel subsidy in June and has been engaging with the newly established Presidential Transition Council (PTC) and the incoming administration with the view to driving the palliative programme.

Ahmed said the funds would be disbursed to 10 million households considered to be most vulnerable to cushion the effect of the subsidy removal.

“This is a commitment in the Petroleum Industry Act. There’s 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.  Also, when we were working on the 2023 Medium Term Expenditure Framework and the Appropriation Act, we made that provision to enable us exit fuel subsidy by June 2023. We are on course, we’re having different stakeholder engagements, we’ve secured some funding from the World Bank, that is the first tranche of palliatives that will enable us give cash transfers to the most vulnerable in our society that have now been registered in a national social register.  Today, that register has a list of 10 million households. 10 million households is equivalent to about 50 million Nigerians.

“But we also have to raise more resources to enable us do more than just the cash transfers and also in our engagements with the various stakeholders, the various kinds of tasks that we have go beyond the requirement of just giving cash transfers. Labour, for example, might be looking for mass transit for its members.  So there are several things that we’re still planning and working on, some we can start executing quickly, some are more medium-term implementation,” she said.

When asked how much funding was received from the World Bank for the execution of the planned exit, she said: “$800 million for the scale up of the National Social Investment Programme at the World Bank and it’s secured, it’s ready for this disbursement.”