The federal government will pay N5,000 to 10 million households for six months as palliative for removing petrol subsidy after June.
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.
Zainab also said the $800m has been negotiated and approved by the Federal Executive Council, and is now before the parliament for approval.
Source: BCOS
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