FG gets $800m World Bank grant for subsidy palliatives

The Federal Government said it has secured an $800 million fund from the World Bank to attend to a segment of post-petroleum subsidy palliatives requirement.

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this while responding to questions from State House Correspondents after the week’s Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.

Ahmed disclosed that the $800 million is the first tranche of palliatives for disbursement through cash transfers to about 50 million Nigerians, who belong to the most vulnerable category of society,

Asked if the outgoing government had been discussing subsidy removal with the incoming administration, she said: “There are a lot of discussions going on at different levels, including with members of the transition committee of the incoming government”.