Categories: Local

FG To Make Transport Subsidy Payment Digitally For At Least Six Months

A file photograph of Finance Minister, Zainab Ahmed.

 

The Federal government says its transport subsidy payment of N5,000 to the vulnerable would be transferred digitally for a minimum period of six months and a maximum of 12 months.

This, the government noted, will happen after the removal of fuel subsidy in June 2022 to give people time to adjust.

Minister of Finance, Budget, and National Planning, Zainab Ahmed, made this known on Wednesday while briefing State House correspondents after the Federal Executive Council meeting chaired by President Muhammadu Buhari.

She underscored that as at the last Federation Account Allocation Committee (FAAC) meeting, fuel subsidy costs the country nearly N250 billion per month and three trillion annually as the NNPC remits near-zero naira.

READ ALSO: Buhari Suspends Inauguration Of NNPC Limited Board Indefinitely

According to her, this has made the removal expedient. The support fund upon approval from FAAC for 20-40 million Nigerians will not be done in cash.

She further encouraged states to financially contribute to the N5,000 relief fund to improve the productive abilities of Nigerians.

On Tuesday the minister said Nigeria will remove fuel subsidies by 2022 and replace them with a N5000-a-month transportation grant to the poorest Nigerians.

Speaking at the launch of the World Bank Nigeria Development Update (NDU), the minister said the grant will go to about 30 to 40 million Nigerians who make up the poorest population of the country.

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

Soonest Nathaniel

Disqus Comments Loading...

Recent Posts

  • Sunrise Daily

Why Nigerians Should Not Wear Military Camouflage – General Irabor

  The Defence Headquarters (DHQ) has advised Nigerians to shun the use of camouflage for now, although it is not…

1 min ago
  • Headlines
  • Sunrise Daily

Democracy Has Come To Stay In Nigeria – General Irabor

  The Chief of Defence Staff, General Lucky Irabor, has pledged the loyalty of the military leadership to democratic rule…

1 hour ago
  • Politics

Nobody Should Be Afraid Of An Igbo Man’s Presidency In 2023 – Umahi

   Ebonyi State Governor, David Umahi, has urged Nigerians not to be afraid of an Igbo presidency come 2023.…

3 hours ago
  • Headlines
  • Local

Nigeria Records 395 Cases Of Circulating Mutant Poliovirus Type 2

  The National Primary Healthcare Development Agency (NPHCDA) has confirmed 395 new cases of Circulating Mutant Poliovirus Type 2 (cMPV2)…

3 hours ago
  • Sports

Toothless Liverpool Held By 10-Man Arsenal In League Cup Semi

Arsenal held out for over an hour a man down to leave their League Cup semi-final with Liverpool delicately poised…

13 hours ago
  • Local

PHOTOS: Buhari Commissions Operational Vehicles, Gadgets Donated To Police

President Muhammadu Buhari on Thursday commissioned operational vehicles and gadgets donated to the Nigeria Police Force by the Nigeria Police…

13 hours ago