Infrastructure Bank votes N13bn to reduce suffering from subsidy removal
By Patience Ikpeme
The Infrastructure Bank is set to provide financial assistance to the Federal Government in mitigating the repercussions of removing fuel subsidies.
With a dedicated budget of N13 billion, the bank will channel these funds into enhancing transportation systems and road infrastructure.
In a statement released by the federal ministry of finance, Acting Managing Director Nkiru Chime and Executive Director Mr. Andrew Nweke disclosed this during their visit to the ministry in Abuja.
Additionally, the bank has collaborations with eight states, previously contributing to mass transit, road construction, and rail projects across the country.
Nkiru Chime emphasized that the Infrastructure Bank has a history of supporting mass transit, road, and rail projects and has existing partnerships with eight states. She also highlighted the bank’s plan to facilitate the conversion of petrol cars to Compressed Natural Gas (CNG) vehicles to mitigate the effects of fuel subsidy removal.
Mr. Andrew Nweke discussed an intervention aimed at improving urban development, stating that the Infrastructure Bank would work with the Federal Government on road infrastructure development to alleviate the consequences of fuel subsidy removal.
In response, Mr. Okokon Udo, the Permanent Secretary Special Duties of the ministry, assured the bank of the Federal Government’s commitment to creating a conducive business environment to mitigate the adverse effects of subsidy removal. He emphasized the ministry’s dedication to collaborating with the bank to improve the living standards of Nigerians.
