{"id":10188,"date":"2021-11-24T16:00:26","date_gmt":"2021-11-24T16:00:26","guid":{"rendered":"https:\/\/newsreservoir.com\/?p=10188"},"modified":"2021-11-24T16:00:26","modified_gmt":"2021-11-24T16:00:26","slug":"nigeria-to-remove-fuel-subsidy-pay-n5000-transport-grant-to-poor-citizens","status":"publish","type":"post","link":"https:\/\/newsreservoir.com\/?p=10188","title":{"rendered":"Nigeria To Remove Fuel Subsidy; Pay\u00a0N5000\u00a0Transport Grant To \u2018Poor Citizens\u2019"},"content":{"rendered":"<div dir=\"auto\">Nigeria To Remove Fuel Subsidy; Pay N5000 Transport Grant To \u2018Poor Citizens\u2019<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The federal government will remove fuel subsidy and replace it with a monthly N5000 transport grant to poor Nigerians, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said.<\/div>\n<div dir=\"auto\">But that\u00a0it will depend on resources.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Speaking at the launch of the World Bank Nigeria Development Update (NDU) on Tuesday, the minister said the transport grant will target about 30 to 40 million Nigerians who make up the poorest population of the country.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">She said the available resources after the removal of fuel subsidy will determine the number of beneficiaries.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The Nigerian government spends trillions of naira yearly on payment of subsidy on petroleum products. It has repeatedly tried to cut off the payment in favour of market-determined prices.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">It argues that the huge amount would be used to fund critical projects, a position backed by the International Monetary Fund (IMF).<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">But many Nigerians want the government to keep fuel cost low as the only benefit they receive from the country\u2019s oil wealth.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cThe subsidies regime in the [oil] sector remains unsustainable and economically disingenuous,\u201d Mrs Ahmed said.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cAhead of the target date of mid-2022 for the complete elimination of fuel subsidies, we are working with our partners on measures to cushion potential negative impact of the removal of the subsidies on the most vulnerable at the bottom 40% of the population.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cOne of such measures would be to institute a monthly transport subsidy in the form of cash transfer of N5,000 to between 30 \u2013 40 million deserving Nigerians.\u201d<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cWe are very optimistic that the recent developments in the oil sector, such as the Petroleum Industry Act (PIA) 2021, hopefully, the full reactivation of the 4 public refineries in the country, and the completion and coming on stream of the 3 private refineries under construction in 2022, would significantly boost contribution from the sector to our economic growth efforts,\u201d Mr Ahmed added.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cI agree with the Report that with the expansion of social protection policies during the pandemic, the government has an opportunity to phase out subsidies such as the PMS subsidy while utilizing cash transfers to safeguard the welfare of poor and middle-class households.\u201d<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Mrs Ahmed said although the move is set for June 2022, the federal government hopes to do this before June \u2014 in line with the Petroleum Industry Act (PIA).<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Source: Premium Times<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria To Remove Fuel Subsidy; Pay N5000 Transport Grant To \u2018Poor Citizens\u2019 The federal government will remove fuel subsidy and replace it with a monthly N5000 transport grant to poor Nigerians, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said. But that\u00a0it will depend on resources. Speaking at the launch of the [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":10192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7],"tags":[],"class_list":["post-10188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigeria To Remove Fuel Subsidy; Pay\u00a0N5000\u00a0Transport Grant To \u2018Poor Citizens\u2019 -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newsreservoir.com\/?p=10188\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria To Remove Fuel Subsidy; Pay\u00a0N5000\u00a0Transport Grant To \u2018Poor Citizens\u2019 -\" \/>\n<meta property=\"og:description\" content=\"Nigeria To Remove Fuel Subsidy; Pay N5000 Transport Grant To \u2018Poor Citizens\u2019 The federal government will remove fuel subsidy and replace it with a monthly N5000 transport grant to poor Nigerians, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said. 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Speaking at the launch of the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/newsreservoir.com\/?p=10188\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-24T16:00:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/newsreservoir.com\/wp-content\/uploads\/2021\/11\/zainab-minister.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"624\" \/>\n\t<meta property=\"og:image:height\" content=\"351\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"ZAINAB TANIMU\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ZAINAB TANIMU\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/newsreservoir.com\/?p=10188\",\"url\":\"https:\/\/newsreservoir.com\/?p=10188\",\"name\":\"Nigeria To Remove Fuel Subsidy; Pay\u00a0N5000\u00a0Transport Grant To \u2018Poor Citizens\u2019 -\",\"isPartOf\":{\"@id\":\"https:\/\/newsreservoir.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/newsreservoir.com\/?p=10188#primaryimage\"},\"image\":{\"@id\":\"https:\/\/newsreservoir.com\/?p=10188#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newsreservoir.com\/wp-content\/uploads\/2021\/11\/zainab-minister.jpg\",\"datePublished\":\"2021-11-24T16:00:26+00:00\",\"author\":{\"@id\":\"https:\/\/newsreservoir.com\/#\/schema\/person\/faffbb141ad72e9bc665f603c95ca365\"},\"breadcrumb\":{\"@id\":\"https:\/\/newsreservoir.com\/?p=10188#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/newsreservoir.com\/?p=10188\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/newsreservoir.com\/?p=10188#primaryimage\",\"url\":\"https:\/\/newsreservoir.com\/wp-content\/uploads\/2021\/11\/zainab-minister.jpg\",\"contentUrl\":\"https:\/\/newsreservoir.com\/wp-content\/uploads\/2021\/11\/zainab-minister.jpg\",\"width\":624,\"height\":351},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/newsreservoir.com\/?p=10188#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/newsreservoir.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Nigeria To Remove Fuel Subsidy; Pay\u00a0N5000\u00a0Transport Grant To \u2018Poor Citizens\u2019\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/newsreservoir.com\/#website\",\"url\":\"https:\/\/newsreservoir.com\/\",\"name\":\"\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/newsreservoir.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/newsreservoir.com\/#\/schema\/person\/faffbb141ad72e9bc665f603c95ca365\",\"name\":\"ZAINAB TANIMU\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/newsreservoir.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7e89828a0637116ffc513026e478f73fd30000bfffd8574e845936fb44d48266?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7e89828a0637116ffc513026e478f73fd30000bfffd8574e845936fb44d48266?s=96&d=mm&r=g\",\"caption\":\"ZAINAB TANIMU\"},\"url\":\"https:\/\/newsreservoir.com\/?author=5\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nigeria To Remove Fuel Subsidy; Pay\u00a0N5000\u00a0Transport Grant To \u2018Poor Citizens\u2019 -","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/newsreservoir.com\/?p=10188","og_locale":"en_US","og_type":"article","og_title":"Nigeria To Remove Fuel Subsidy; Pay\u00a0N5000\u00a0Transport Grant To \u2018Poor Citizens\u2019 -","og_description":"Nigeria To Remove Fuel Subsidy; Pay N5000 Transport Grant To \u2018Poor Citizens\u2019 The federal government will remove fuel subsidy and replace it with a monthly N5000 transport grant to poor Nigerians, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said. 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