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FG To Replace Fuel Subsidy With N5,000 Monthly Grant For 40 Million Nigerians

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THE Federal Government is contemplating the replacement of fuel subsidy with a monthly N5,000 fuel grant to the nation’s most vulnerable citizens. 

The gesture will span between six months and one year even as the government contemplates ending fuel subsidy mid-2022. 

According to the Minister of Finance, Budget and National Planning, Zainab Ahmed, who disclosed these at the launch of the World Bank Nigeria Development Update in Abuja on Tuesday, between 30 and 40 million poor Nigerians will benefit from this intervention. 

The minister said the final number of beneficiaries will depend on the resources available after the removal of the fuel subsidy. 

This means the government would spend between N1.8 trillion and N2.4 trillion on fuel grant in one year. 

The Group Managing Director of the Nigerian National Petroleum Company (NNPC), Mele Kyari, had disclosed earlier in the year that the federal government spends between N140 billion and N150 billion on premium motor spirit (PMS) subsidy monthly. 

According to Mrs Ahmed, “The subsidy regime in the sector remains unsustainable and economically disingenuous.”  Continue Reading

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