‘40m Destitute Nigerians “ll Get N5k Monthly Transportation Allowance If..’

‘40m Destitute Nigerians “ll Get N5k Monthly Transportation Allowance If..’

Forty million destitute Nigerians have been promised N5, 000 monthly as transportation allowance if they do the needful in the next presidential election.

The needful is if they vote the presidential candidate of the All Progressives Congress (APC), Bola Tinubu in that election.

This promise is a highlight of his campaign manifesto for the Presidency in the 2023 general elections.

He also promised that his administration would gradually eliminate fuel subsidies,  speed up the Petroleum Industry Act’s implementation and to put in place additional beneficial measures to entice investment in Deepwater assets within six months.

‘40m Destitute Nigerians “ll Get N5k Monthly Transportation Allowance If..’ -2

“We shall phase out the fuel subsidy yet maintain the underlying social contract between government and the people.

“We do this by dedicating the money that would have been used on the subsidy to fund targeted infrastructural, agricultural and social welfare programs ranging from road construction to boreholes, public transportation subsidies, and education and healthcare funding programs.

“In this way, the funds are more directly and better utilised to address urgent social and economic needs:, he also said.

He is of the opinion that the capacity of the nearby refineries is sufficient to meet the needs of domestic consumption but that this would require the right policy framework

“Our planned approach will not only mitigate the price effects of deregulation but will also result in the significant expansion of public infrastructure and improvement of public well-being.

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“Subsidy removal and deregulation are, however, only part of the solution. To further increase our refining capacity, we shall focus on the rehabilitation of the nation’s refineries and shall consider, as a model, the joint venture partnership arrangements implemented by other leading oil-producing states and global petrochemical firms.”

“We will hasten the implementation of the Petroleum Industry Act and implement favourable policies to stimulate investment in the deep-water assets such as encouraging negotiations regarding signature bonus payment and/or deferral of the payment post development, royalty reliefs amongst others.”

Recall that President Muhammadu Buhari had stated last year that he would end the fuel subsidy, in line with the World Bank and the International Monetary Fund (IMF)

Instead, the government announced that roughly 40 million destitute Nigerians will get N5,000 per month as a transportation allowance.

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The World Banks forecasts that Nigeria would spend around N4 trillion on fuel subsidies in 2022. However, according to oil marketers, if crude oil prices continue to rise, that figure might reach N6 trillion.

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THEEAGLE has previously reported on January 25, 2022, that the federal government wanted to extend the implementation period for subsidy elimination by an additional 18 months.