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NIGERIA

FG to replace fuel subsidy with N5,000 transport grant for Nigerians

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Nigeria’s Minister of Finance, Finances and Nationwide Planning, Zainab Ahmed, has mentioned the federal authorities will take away gas subsidies by 2022.

In accordance with her, gas subsidies can be changed with N5000-a-month transport grant to the poorest Nigerians.

Ahmed said this on Tuesday, whereas talking on the launch of the World Financial institution Nigeria Growth Replace (NDU).

The minister famous the grant will go to about 30 to 40 million Nigerians, who make up the poorest inhabitants of the nation.

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“The subsidies regime within the [oil] sector stays unsustainable and economically disingenuous.

“Forward of the goal date of mid-2022 for the entire elimination of gas subsidies, we’re working with our companions on measures to cushion potential destructive influence of the elimination of the subsidies on essentially the most weak on the backside 40% of the inhabitants.

“One in every of such measures could be to institute a month-to-month transport subsidy within the type of money switch of N5,000 to between 30 – 40 million deserving Nigerians,” Ahmed mentioned.

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