The Nigeria’s N5,000 Monthly Transportation Grant

The Nigeria’s N5,000 Monthly Transportation Grant

Here, most times, I write to read Francis Oguaju’s comment. Read this comment on the Usain Bolt post – https://lnkd.in/eXT6r7GJ) . Today, Nigeria has scored another own-goal: “Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that Nigerians would get N5,000 per month as a transportation grant after the removal of fuel subsidies.” If you cannot run fuel subsidies well, do you have any chance to distribute N5,000 monthly effectively?

Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that Nigerians would get N5,000 per month as a transportation grant after the removal of fuel subsidies.

According to the Minister, the Federal Government will remove fuel subsidies by 2022 and give the poorest Nigerians a transportation grant of N5,000.

Ahmed said this on Tuesday, at the launch of the World Bank Nigeria Development Update in Abuja, stating that about 30 to 40 million Nigerians, who are the poorest in the country, would have access to the grant.

She said, “The subsidies regime in the [oil] sector remains unsustainable and economically disingenuous

Comment from Francis on this here

According to the minister, we have between 30 to 40 million ‘poor’ people that are eligible to benefit from the N5k grant. Run the numbers, Nigeria will be shelling out between N150 to N200 billion monthly, to be paid to people we do not know. So in six months, we must have burnt over a trillion naira, and how is this cheaper than fuel subsidy? How about other small businesses who rely on fuel subsidy to keep prices low?

This government is a handful, the next decision always tends to be worse than the last one, yet the folks get their salaries monthly; in other words, being paid for running Nigeria into the ground.

This is a bad call, it just shows how wretched the minds of those running the state are.

They will be minting money to distribute, then the sorry naira will finally enter coma.

---

1. Advance your career with Tekedia Mini-MBA (Feb 7 – May 7, 2022): top global faculty, online, self-paced, $140 (or N60,000 naira). Click and register here.

2. Click and register for Tekedia Startup Masterclass and master the secrets from start-up to unicorn. Cost is N180,000 naira or $400.

3. Click to join Tekedia Capital Syndicate and own a piece of Africa’s finest startups with a minimum of $10,000 investment.


Share this post

Post Comment