Buhari Government To Replace Fuel Subsidy With N5,000 Transport Grant For 40million Nigerians – Finance Minister
The Minister of Finance, Budget and National Planning, Zainab Ahmed, says the federal government will remove fuel subsidies by 2022 and replace them with N5000-a-month transportation grant to the poorest Nigerians.
She disclosed this at the launch of the World Bank Nigeria Development Update (NDU) on Tuesday.
Zainab explained that the grant would go to about 30 to 40 million Nigerians that make up the poorest population of the country adding that the final number of beneficiaries would depend on the resources available after the removal of the fuel subsidy.
She also explained that the move was set for June 2022, but the federal government hopes implement it before June in line with the Petroleum Industry Act (PIA).
“The subsidies regime in the [oil] sector remains unsustainable and economically disingenuous. Ahead of the target date of mid-2022 for the complete elimination of fuel subsidies, we are working with our partners on measures to cushion potential negative impact of the removal of the subsidies on the most vulnerable at the bottom 40% of the population.
“One of such measures would be to institute a monthly transport subsidy in the form of cash transfer of N5,000 to between 30 – 40 million deserving Nigerians,” she said.
The World Bank in the development update had said the poorest 40% in Nigeria consume less than 3% of the total PMS in the country, highlighting that the rich were benefiting more from the subsidies.
Zainab further continued that, “We are very optimistic that the recent developments in the oil sector, such as the Petroleum Industry Act (PIA) 2021, hopefully, the full reactivation of the 4 public refineries in the country, and the completion and coming on stream of the 3 private refineries under construction in 2022, would significantly boost contribution from the sector to our economic growth efforts.”
“I agree with the Report that with the expansion of social protection policies during the pandemic, the government has an opportunity to phase out subsidies such as the PMS subsidy while utilizing cash transfers to safeguard the welfare of poor and middle-class households.”
Source – Sahara Reporters
Junketing Nigerian President, Buhari To Embark On Another Trip To Turkey
Barring any last-minute change, President Muhammadu Buhari will in December leave Nigeria for Turkey, SaharaReporters has gathered.
His media, security and protocol teams have all submitted their passports to process their visas for the trip to the transcontinental country, a top source told SaharaReporters on Tuesday.
“There is another trip to Turkey this December; all teams going with the President have already submitted their passports for visa processing,” the source said.
The Nigerian president has been junketing across the world in the last three months.
Buhari in September travelled to New York, US to participate in the 76th Session of the United Nations General Assembly.
Then on Sunday, October 3, President Buhari left for Ethiopia to attend the inauguration of the country’s Prime Minister Abiy Ahmed for a second five-year term in office.
He was also in Saudi Arabia on October 24 for an investment conference organized by the Future Investment Initiative Institute and lesser Hajj in Madinah and Makkah.
Two days after returning to Nigeria from Saudi Arabia, Buhari left the country for Glasgow to participate in the 26th Conference of Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC).
The President however on Tuesday, November 2 secretly abandoned the conference and travelled to London for a medical checkup.
His aircraft, a Gulfstream Aerospace GV-SP (G550) with registration number 5N-FGW and serial number 5310 (Mode-S 0640F2) left the Glasgow International Airport at 10:14 pm (9:14 UK time) and arrived at Stansted Airport, London at 11:11 pm (10:11 pm UK time).
On Tuesday, November 09, Buhari departed London for Paris, France.
According to a statement by his Special Adviser on Media & Publicity, Femi Adesina, the President was in Paris for a one-day official visit as a guest of President Emmanuel Macron.
Adesina added that the Presidential’s plane touched down at Le Bourget Airport at 2.45 pm but was mute on the airport and country Buhari departed from.
He left Paris, the French capital on Saturday, November 13 for Durban, South Africa and returned to Nigeria on November 16, 2021.
Source – Sahara Reporters