Nigeria has secured $800 million from the World Bank to scale up its national social program ahead of the removal of its costly but popular subsidies on petrol in June, Finance Minister Zainab Ahmed said on Wednesday.
Africa's biggest economy set aside 3.36 trillion naira this year to spend on petrol subsidies until mid-2023, after which it has made no provision for the expense, which cost more than its spending on healthcare and education.
She added that the country has registered ten million households, which is equivalent to 50 million people on its vulnerable list. Ahmed said discussions were going on at different levels of government and with members of the incoming administration of President-elect Bola Tinubu on the subsidy removal.that Tinubu's new administration give public sector workers pay rises after removing a fuel subsidy in June. Tinubu will take office in May, when Buhari steps down.
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