The federal government has falsified the reports that it obtained another loan aside from the $800 million received from the World Bank.
Some media organizations (not The Informant247) had reported that the federal government had gotten another loan aside from $800 loan received from the international bank to ameliorate the economic effect of the planned fuel subsidy removal.
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The reports had been dismissed by the Minister of Finance, Budget, and National Planning, Zainab Ahmed, who referred to the reports as tissues of lies.
She said the government is not planning to receive another loan to ameliorate the economic effect of the proposed subsidy removal aside from the $800 million.
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She said the federal government has planned to make use of the $800 million obtained from the World Bank to ameliorate the removal of subsidy.
The finance minister said, “The government is, therefore, not seeking another loan for the pending fuel subsidy removal. It is one and the same.
“It will be recalled that the facility would be deployed to provide succour to 10 million households, who are expected to get N5,000 each for a period of six months.”
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“The $800 million has been negotiated and approved by the Federal Executive Council (FEC) and we now have a request before the parliament for approval.
“And once the parliament approves it, the next administration can decide on the utilization.
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“We’ve also been doing preparatory work side by side along the approval process. This includes expanding the committee to include members of the transition team of the President-elect. The process will include the verification of the social register, which will be used for electronic transfers of the funds,” she added.
