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Tag: RELIEF FUND

  • FG picks date for final removal of fuel subsidy, proposes N5000 monthly relief fund for 40m poorest Nigerians

    FG picks date for final removal of fuel subsidy, proposes N5000 monthly relief fund for 40m poorest Nigerians

    The Federal Government has proposed June 2022 deadline for the final removal of subsidy on Premium Motor Spirit (PMS) also known as petrol.

    However to cushion the effects of the removal, the government said it will pay a N5,000 relief fund for poorest Nigerians. According to it, the transport subsidy payment of N5,000 to the vulnerable would be transferred digitally for a minimum period of six months and a maximum of 12 months.

    This, the government noted, will happen after the removal of fuel subsidy in June 2022 to give people time to adjust.

    Minister of Finance, Budget, and National Planning, Zainab Ahmed, made this known on Wednesday while briefing State House correspondents after the Federal Executive Council meeting chaired by President Muhammadu Buhari.

    She underscored that as at the last Federation Account Allocation Committee (FAAC) meeting, fuel subsidy costs the country nearly N250 billion per month and three trillion annually as the NNPC remits near-zero naira.

    According to her, this has made the removal expedient. The support fund upon approval from FAAC for 20-40 million Nigerians will not be done in cash.

    She further encouraged states to financially contribute to the N5,000 relief fund to improve the productive abilities of Nigerians.

    On Tuesday the minister said Nigeria will remove fuel subsidies by 2022 and replace them with a N5000-a-month transportation grant to the poorest Nigerians.

    Speaking at the launch of the World Bank Nigeria Development Update (NDU), the minister said the grant will go to about 30 to 40 million Nigerians who make up the poorest population of the country.

    She said the final number of beneficiaries will depend on the resources available after the removal of the fuel subsidy.

  • Contributions to COVID-19 relief fund hit N15bn – CBN

    Contributions to COVID-19 relief fund hit N15bn – CBN

    The Central Bank of Nigeria (CBN) on Wednesday said that monetary contributions to its relief fund under the auspices of Private Sector Coalition Against COVID-19 (CACOVID) stood at N15 Billion.

    CBN Director of Corporate Communications, Isaac Okorafor, said in a statement in Lagos that the donations were from 37 donors, including individuals, banks and other corporate bodies.

    “A breakdown of the contributions showed that CBN and Aliko Dangote donated N2billion each.

    “Abdul Samad Rabiu (Bua Sugar Refinery), Segun Agbaje (GTB); Tony Elumelu (UBA); Oba Otudeko (First Bank); Jim Ovia (Zenith Bank); Herbert Wigwe (Access Bank) and Femi Otedola of Amperion Power Distribution donated N1 Billion each to the relief fund.

    “Pacific Holding Ltd, Union Bank Plc, Sterling Bank Plc, Standard Chartered Bank, Stanbic IBTC, Citi Bank Nigeria Ltd, FCMB, Fidelity Bank, ECOBank, African Steel Mills and Multichoice Nigeria Limited also made donations.

    ” Similarly, FSDH Merchant Bank, FBN Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Sun Trust Bank, Providus Bank, Wema Bank, Unity Bank, Heritage Bank, Nova Merchant Bank, Polaris Bank and Keystone Bank donated.

    “Others are Globus Bank, Titan Trust Bank, Takagro Chemicals Ltd, Ahmadu Mahmoud and Handy Capital Ltd make up the list of those that have sofar made contributions to the Private Sector Coalition Against COVID-19 (CACOVID) Relief Fund domiciled at the CBN,” he said.

    Okorafor said that the coalition appreciated the list of good spirited individuals and corporate bodies for hearkening to the clarion call championed by the CBN and the private sector.

    He called on more Nigerians and corporate bodies to key into the coalition with a view to supporting the fight against the pandemic.

    According to him, Nigeria can overcome the scourge when all hands are on deck.

  • FG not giving Nigerians with BVN N30,000 -Adesina

    FG not giving Nigerians with BVN N30,000 -Adesina

    Presidential spokesman, Femi Adesina has discredited report that Nigerians with bank verification number (BVN) will be given N30,000 as relief fund.

     

    The report, which went viral on Friday, said Adesina issued a statement to that effect.

     

    The said amount was to help Nigerians “stock up their home during the stay-at-home order by the government”.

     

    As a way of reducing the spread of COVID-19, both federal and state governments placed restrictions on public gathering.

     

    In a tweet on Saturday, Adesina urged Nigerians to ignore the information.

     

    “Fake news peddlers have concocted a statement, purportedly issued by me, saying FG will pay N30,000 to each Nigerian with BVN, to help them stock up before an impending national lockdown. Not me. The so-called statement is hereby disclaimed,” he tweeted.

     

     

     

    However, some Nigerians on Twitter in reaction to Adesina’s tweet asked if the government has any plan to help its citizens at this time.

     

    Below are some reactions