The Federal Government has secured $800m from the International Bank for Reconstruction and Development to provide post-petroleum subsidy palliatives for over 50 million Nigerians ahead of June 2023.
Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed this to State House Correspondents on Wednesday, after this week’s Federal Executive Council chaired by President Muhammadu Buhari at the Aso Rock Villa, Abuja.
According to Ahmed, the $800m fund forms for the first tranche of palliatives are ready to be disbursed to 10 million households in form of cash.
However, she noted that the FG must raise more resources to enable it to do more than cash transfers.
According to her, wide-ranging negotiations are underway to deploy non-cash palliatives such as a mass transit system for workers daily commute.