Fuel Subsidy Removal: FG Denies Collecting Fresh $800 Million Loan 

The Federal Government has debunked reports circulating in some media platforms about taking another loan aside from the $800 million gotten from the World Bank to cushion the effect of the planned fuel subsidy removal.

Naija News reports that the Minister of Finance, Budget, and National Planning, Zainab Ahmed, described such reports as tissues of lies.

According to her, the government is not seeking a fresh loan to cushion the effect of the pending fuel subsidy removal aside the World Bank ‘s $800 million.

She said the only existing facility meant to ameliorate the subsidy removal crunch was the $800 million from the World Bank, which is currently awaiting parliamentary approval before the Federal Government commences disbursement.

Ahmed said, “The government is, therefore, not seeking another loan for the pending fuel subsidy removal. It is one and the same.

“It will be recalled that the facility would be deployed to provide succour to 10 million households, who are expected to get ₦5,000 each for a period of six months.”

The minister also submitted that the initial duration of the palliatives meant to cushion the effect of the planned petrol subsidy removal on vulnerable Nigerians was for six months, but would be reviewed upon extensive consultation with the stakeholders.

“The $800 million has been negotiated and approved by the Federal Executive Council (FEC) and we now have a request before the parliament for approval.

“And once the parliament approves it, the next administration can decide on the utilization.

“We’ve also been doing preparatory work side by side along the approval process. This includes expanding the committee to include members of the transition team of the President-elect. The process will include the verification of the social register, which will be used for electronic transfers of the funds,” she added.