The World Bank has given Nigeria a grant of N800mA
The World Bank has given Nigeria a grant of N800m
Nigeria has received 800 million dollars from the World Bank to develop its plan to improve the lives of the people of the country before the removal of fuel subsidies in June this year, at the same time as the country's economy is slowing down.
The government said that the aid will be distributed through the use of money transfer machines to about 50 million Nigerians or 10 million households, saying that these people are among the most vulnerable groups of society.
She said that this is aimed at reducing the impact of removing fuel subsidies on the community.
The World Bank is concerned that Nigeria's economic growth of 2.8% is not enough to reduce the impact of more than 40% of the population suffering from extreme poverty.
Nigeria, which is the largest economy in Africa, has set aside 3.36 trillion naira this year to spend as fuel subsidy until the middle of 2023 when it will stop paying.
Nigeria is the country with the largest amount of crude oil in Africa but it imports oil from foreign countries because of the inefficiency of its oil refineries.