The reality of petroleum subsidy is now obvious as the Federal Government has confirmed securing an $800 million fund from the World Bank to attend to a segment of post-petroleum subsidy palliatives requirement.
This was disclosed by Minister of Finance, Budget and National Planning, Zainab Ahmed, while responding to questions from State House Correspondents after the week’s Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.
Ahmed disclosed that the $800 million is the first tranche of palliatives for disbursement through cash transfers to about 50 million Nigerians, who belong to the most vulnerable category of society.
Ahmed also confirmed that conversations on fuel subsidy removal remains a priority among members of the transition committee of the incoming government.
