Financial assistance to the tune of N13 billion will be provided by the Infrastructure Bank to mitigate the consequences of the fuel subsidy removal.
The bank has allocated a sum of N13 billion for this specific purpose and intends to utilize these funds for the advancement of transportation systems and the enhancement of road infrastructure.
According to a statement released by the Federal Ministry of Finance, Acting Managing Director Nkiru Chime and Executive Director Mr Andrew Nweke disclosed this information during their visit to the ministry in Abuja yesterday.
Bank’s partnership with states on transport
In addition, the bank has established partnerships with eight states and has previously initiated projects related to mass transit, road construction, and rail development in various regions of the country.
Nkiru Chime emphasized that the Infrastructure Bank has a history of involvement in mass transit, road construction, and rail projects across the nation, and it has established concessions with the government, particularly with eight states.
Conversion of petrol cars to CNG
Chime further revealed that the Infrastructure Bank has allocated funds to facilitate the conversion of petrol-powered cars into “Compressed Natural Gas (CNG) vehicles” to mitigate the impact of the fuel subsidy removal.
Other developments
On a different note, Mr Andrew Nweke discussed an intervention aimed at influencing urban development.
He stated that the Infrastructure Bank will collaborate with the Federal Government to engage in road infrastructure development to alleviate the effects of fuel subsidy removal.
In response, Mr Okokon Udo, the Permanent Secretary of Special Duties of the ministry, assured the bankers that; “the Federal Government will create a conducive business environment to support economic growth and reduce the adverse effects of subsidy removal.”
The Permanent Secretary emphasized the ministry’s commitment to partnering with the bank to improve the living standards of Nigerians.
