To assuage the adverse effect of the fuel subsidy removal by the Federal government, Nigeria’s Infrastructure Bank Plc, has promised to allot the sum of thirteen billion Naira (N13 billion) for road infrastructure and transportation enhancement, particularly in rural areas of the country.
This was disclosed to the Ministry of Finance, during a visit to the Ministry on Thursday. The Bank’s Acting Managing Director, Nkiru Chime and Executive Director Mr. Andrew Nweke, said the bank would be collaborating with the federal government to carry out the road infrastructure project.
The Infrastructure bank has a long history involvement in Nigeria road infrastructure. Before now, the Bank already has an existing partnership with eight states. Nkiru said they had previously initiated projects related to mass transit, road construction, and rail development in various regions of the country.
Representatives of the Infrastructure Bank told the Finance Ministry that the Bank is also allocating funds for CNG project. i.e: the conversion of petrol-powered cars into “Compressed Natural Gas (CNG) vehicles”. This is all in a bid to cushion the impact of the fuel subsidy removal on Nigerians.
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The Finance Ministry, through the Permanent Secretary of Special Duties Mr. Okokon Udo appreciated the Bank’s gesture and promised that the government would corporate in any capacity given to ensure the improvement on f living standard of Nigerians.
“The Federal Government will create a conducive business environment to support economic growth and reduce the adverse effects of subsidy removal,” Okokon said.