The federal government will pay N5,000 to 10 million households for six months as a palliative for removing the petrol subsidy after June.
9News Nigeria gathered that the amount is N50 billion per month and reaches N300bn with $800m (N371.6bn at CBN N464/$1 rate) World Bank loan to fund the project.
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, explained this at the Nigerian briefing on the sideline of the World Bank/ International Monetary Fund spring meetings in Washington DC, yesterday.
Zainab also said the $800m has been negotiated and approved by the Federal Executive Council and is now before the parliament for approval.
She said: “Once the parliament approves it, we roll. We have also been doing preparatory work side by side during the approval process. And that includes the building of the social register, which will be used for the electronic transfers of the funds.
“We needed to have this ready because when the government eventually removes the fuel subsidy, there will be an immediate transport palliative that will be provided to the most vulnerable members of our society who have been identified, registered, and now contained in our national social register,” she noted.