As reactions continue to trail the Federal Government’s $800 million World Bank grant to be used as subsidy palliatives ahead of the proposed fuel removal in June, Nigerians have described the loan as unnecessary, stressing the need to shelve the plan.
They also faulted the government for always failing to display transparency whenever it obtains loans, a development that runs foul of the Fiscal Responsibility Act (FRC).
Minister of Finance, Budget and National Planning, Zainab Ahmed had, during the weekly Federal Executive Council meeting, announced that the first tranche of funding from the Washington-based lender will enable the FG give cash transfers to the most vulnerable in the society through a national social register.
According to the minister, the palliatives would be targeting 50 million vulnerable Nigerians or 10 million households, adding that engagements are ongoing with the newly established Presidential Transition Council (PTC) and the incoming administration to drive the palliative programme.
You can read more details from the Guardian newspaper .