[p]The Federal Government, abbreviated as FG, has received $800 million from the World Bank to support its post-subsidy palliative plans for the citizens of Nigeria. The Minister of Finance, Budget & National Planning, whose name is Zainab Ahmed, announced this development in Abuja on April 5th, 2023, and shared that this is a commitment under the Petroleum Industry Act. As per the act, all petroleum products must be deregulated 18 months after its effectiveness, which leads to June 2023. In preparation for this, the government has included provisions in the 2023 medium-term expenditure framework & the appropriation act to exit fuel subsidy by June 2023. The government has engaged various stakeholders and has secured the first tranche of funding from the World Bank. This funding will enable the government to provide cash transfers to the most vulnerable in society, who have been registered in a national social register. This register contains about 50 million Nigerians who will receive the palliatives as part of the subsidy removal process.
