Federal Government will pay 40Millions Nigerians across the 36 State N5,000 over Subsidy Removal in 2022 latest news update. Federal Government is set to remove Fuel Subsidy in 2022 which will lead to high price of petrol in Nigeria.
FG has put measures in place to address the negative impact of subsidies removal on the most vulnerable 40% of the population ahead of the target date of mid-2022 for the complete elimination of fuel subsidies.
The major measures would be to institute a monthly transport subsidy in the form of cash transfer of N5,000 to 40 million poor Nigerians.
Federal Government Monthly Transport Subsidy Payment
This latest update is coming from Mrs Zainab Ahmed, Minister of Finance Budget and National Planning, disclosed this in Abuja on Tuesday at the launch of the Nigeria Development Update.
As stated by Finance ministry, the federal government has an opportunity to rule out subsidies such as the PMS subsidy while using cash transfers to compensate the poor people and safeguard the welfare and middle-class households in the country.
She strengthen that, the federal government “intends to accelerate structural reforms, particularly in the power sector, governance, business environment to unlock the huge potentials of the economy, scale up social safety net and deepen financial inclusion to reduce poverty and inequality gaps”.
“We will carefully calibrate the sequencing of these reforms to manage their attendant political fallouts”.
She then stated that “the subsidies regime in the sector remains unsustainable and economically disingenuous”.
Zainab Ahmed also stated that “digital revolution is looming in Nigeria and waiting to happen spontaneously”.
She agreed that Nigeria’s digital economy “can transform economic activities by unleashing new productivity gains, offering new services, and improving the government’s efficiency”.
Government she said, sees “enormous opportunity for our teeming youth population in this sector which has largely remained unharnessed with isolated progress and possibilities”.
“We need greater investments in newer and competitive technologies to be made for the provision of critical infrastructure in the telecoms sector to unleash potentials”.
To protect such investments, government has been mobilising national security outfits, and even local ‘vigilantes’ to provide added layers of security for the infrastructure, while at the same time engaging local communities towards addressing the likely root causes of cases of infrastructure vandalization.
How to apply for 2022 FG N5,000 Subsidy Payment
Guidelines on how to apply for monthly transport subsidy in the form of cash transfer of N5,000 to 40 million poor Nigerians will be announce during the implementation of subsidy.