Zainab Ahmed, minister of finance, budget, and national planning, says the $800 million facility secured from the World Bank as part of its post-subsidy palliatives is awaiting approval by the national assembly.
Ahmed disclosed this over the weekend while speaking with journalists on the sidelines of the just-concluded International Monetary Fund /World Bank spring meetings in Washington DC, United states.it would end under-recovery payments in June 2023, despite allocating N3.35 trillion for subsidy.that the $800 million received from the bank would be disbursed to the 10 million households considered to be most vulnerable, to cushion the effect of the planned subsidy removal.
“The $800 million has been negotiated and approved by the federal executive council and we now have a request before the parliament for approval. And once the parliament approves it, we will roll it out,” she said.“We have also been doing preparatory work side by side along the approval process. And that includes the building of the social register which will be used for the electronic transfers of the funds.
“This effort is led by the ministry of humanitarian affairs, disaster management, and social development. They developed that register with the support of the World Bank. The register has about 10 million households and that is an equivalent of 50 million Nigerians.”
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