FG TO REMOVE FUEL SUBSIDY, REPLACE WITH N5,000 MONTHLY TRANSPORT ALLOWANCE IN 2022

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Fuel subsidy removal in Nigeria
Fuel subsidy removal in Nigeria

The Federal Government of Nigeria has announced its plan to remove fuel subsidy and replace with a 5,000 naira monthly transport allowance in 2022.

According to the Minister of Finance, Budget, and National Planning, Zainab Ahmed, who disclosed these at the launch of the World Bank Nigeria Development Update in Abuja on Tuesday, between 30 and 40 million poor Nigerians will benefit from this intervention which will span 6 months to one year.

Nothing however has been set in stone as the Federal Government is still contemplating this decision. However, the government is projected to spend between N1.8 trillion and N2.4 trillion on the fuel grant from the 2022 budget.

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