The Federal Government says it will pay N5, 000 to 10 million households for six months as palliative for removing petrol subsidy after June.
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, explained this at the Nigerian briefing on the sidelines of the World Bank/ International Monetary Fund, (IMF) spring meetings in Washington DC, USA, on Sunday.
She restated that $800m has been negotiated and approved by the Federal Executive Council, and is now before the parliament for approval.
The minister said the 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, equivalent to 50 million Nigerians.”
Zainab explained that the initial design is to disburse cash transfers of N5, 000 per month per household for a period of six months, saying, “So, whether this is enough is an assessment that we are undertaking with the transition team. If it’s not enough, the country has to raise additional resources to be able to cover more people, extend the period or increase the amount; whichever is finally negotiated upon.
