Petrol Subsidy: FG To Disburse $800m To Nigerians As Palliative - DAILY GIST
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
DAILY GIST
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
No Result
View All Result
DAILY GIST
No Result
View All Result

Petrol Subsidy: FG To Disburse $800m To Nigerians As Palliative

Adam PR by Adam PR
April 10, 2023
in BUSINESS
0
Petrol Subsidy: FG To Disburse $800m To Nigerians As Palliative
20.9k
SHARES
20.9k
VIEWS
Share on WhatsAppShare on TwitterShare on Facebook

The federal government says it has secured the sum of $800 million from the World Bank, as part of its post-subsidy palliative plans.

Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house journalists, after the federal executive council (FEC) meeting presided over by President Muhammadu Buhari.

Last year, following a N3.35 trillion petrol subsidy budget, the federal government said it would stop under-recovery payments in June 2023.

In 2022, subsidy or under-recovery cost the government the sum of N3.3 trillion in 11 month alone.

Advertisement
Ahmed, expressing the authority’s resolve on the matter, said the government is still working on ending the current subsidy regime in June.

She said engagements with the newly established presidential transition council (PTC) and the incoming administration have been initiated.

ALSOREAD

FG Imposes Tax On Hookup Girls, Yahoo Boys Under New Law

Tax ID Now Compulsory For Nigerians: What You Should Know

Elon Musk Makes Declaration Amid FG’s Threat Over Sowore’s Anti-Tinubu Tweet

FG Rushes To Tighten Border Control As ‘Deadly’ Ebola Virus Kills 16 In Fresh Outbreak

FG Sends Message To University Students Over Looming ASUU Strike

Ahmed also said the $800 million received from the World Bank will be disbursed to the 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,” the minister said.

“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 to 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 are still planning and working on, some we can start executing quickly, some are more medium-term implementation.”

Speaking further on plans for the funds, Ahmed said the money is currently available for disbursement and concerned stakeholders are being engaged.

“$800 million for the scale up of the national social investment programme (NSIP) at the World Bank and it’s secured, it’s ready for this disbursement,” she added.

“We are currently engaging with all the stakeholders. We know that various plans are being considered, including the need for buses by the Labour, amongst several other palliative measures.”

FOLLOW US ON SOCIAL MEDIA

TWITTER — https://x.com/dailygistonline

THREADS —https://www.threads.net/@dailygistonline

FACEBOOK — https://m.facebook.com/oauvoices

INSTAGRAM —https://www.instagram.com/dailygistonline/ 

 

FOR ADVERTS, PUBLICATION AND PROMOTIONS, CONTACT DAILY GIST ON WHATSAPP – 09061956151

Share This News

Tags: Ahmed ZainabFGPetrol subsidy
Previous Post

FULL LIST: Top 10 Most Developed States In Nigeria

Next Post

BREAKING: UK Bans Recruitment Of Doctors, Nurses From Nigeria

Adam PR

Adam PR

AdamPR is a young Blogger, Publisher, Web Designer. For Adverts and Publications, He can be reached on WhatsApp - 09061956151

Related Posts

BREAKING: Dangote Crashes Petrol Price
BUSINESS

Relief For Nigerians As Dangote Refinery Crashes Price Of Cooking Gas

October 7, 2025
BREAKING: Dangote Crashes Petrol Price
BUSINESS

Dangote Refinery Blasted Over Continuous Reduction In Petrol Prices

September 14, 2025
Top 10 States That Borrowed From CBN To Pay Salaries
BUSINESS

JUST IN: CBN Approves Merger Of 2 Popular Nigerian Banks

September 1, 2025
APPLY: FG Rolls Out ₦50,000 Cash Grant For Business Owners Nationwide
BUSINESS

APPLY: FG Rolls Out ₦50,000 Cash Grant For Business Owners Nationwide

August 26, 2025
NNPC Announces Reduction In Petrol Price
BUSINESS

Nigerian Filling Stations Crash Fuel Price To Compete With NNPCL, Others

August 21, 2025
BREAKING: Dangote Crashes Petrol Price
BUSINESS

Dangote Petroleum Refinery Gets New CEO

August 2, 2025
Next Post
BREAKING: UK Bans Recruitment Of Doctors, Nurses From Nigeria

BREAKING: UK Bans Recruitment Of Doctors, Nurses From Nigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TRENDING NEWS

  • VIDEO: Man Flees For His Life After Been Caught Sleeping With Another's Man Wife

    VIDEO: Man On The Run After Been Caught Sleeping With Another’s Man Wife

    25367 shares
    Share 10147 Tweet 6342
  • VIDEO: Female Prison Officer Caught Having S£x With Inmate Inside Cell

    26481 shares
    Share 10592 Tweet 6620
  • VIDEO: Lady’s Br£asts Fall From Her Top While Dancing With Chris Brown At Concert

    21641 shares
    Share 8656 Tweet 5410
  • Corps Members Reportedly Caught Having Sex In Orientation Camp

    22668 shares
    Share 9067 Tweet 5667
  • VIDEO: Lady Disgraced In Lekki After Being Caught Hiding Dollar Bills In Her Private Part

    22992 shares
    Share 9197 Tweet 5748
  • Youths Strip Queen Naked, Beat King, Prince During New Yam Festival In Ondo

    21495 shares
    Share 8598 Tweet 5374
  • Man Caught His Wife Having S£x With Thier Pastor On Matrimonial Bed

    22914 shares
    Share 9166 Tweet 5729
  • I Invited My Friend To Record – Sudent In Viral Sex Tape With Her Teacher Speaks

    21398 shares
    Share 8559 Tweet 5350
  • Assistant Headmaster Suspended After He Was Seen F0ndling Student’s Br£asts In Viral Video

    21356 shares
    Share 8542 Tweet 5339
  • VIDEO: Nigerian Lecturer Caught S3xu@lly Harassing Female Student In A Disturbing Clip

    22446 shares
    Share 8978 Tweet 5612

DAILY GIST reports Latest News in Nigeria and aims to keep Nigerians updated and informed with Reports and Informations in the aspect of Education, Politics, Health, Business, Technology, Jobs, Entertainment. etc

  • Home
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
  • DESIGNED BY ADAMPR
  • Privacy Policy

DAILY GIST © 2020 | All Rights Reserved

No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US

DAILY GIST © 2020 | All Rights Reserved