Nigeria’s Infrastructure Bank has promised to provide financial assistance to the tune of N13 billion to mitigate the consequences of the fuel subsidy removal on Nigerians, especially the poor.
Specifically, the bank disclosed that the sum would be used to enhance the nation’s transportation system, particularly the road infrastructure.
The bank’s Acting Managing Director, Nkiru Chime, and the Executive Director, Mr. Andrew Nweke, disclosed the bank’s intervention plan during their visit to the Federal Ministry of Finance headquarters on Thursday in Abuja
According to a statement on the lender’s planned intervention, 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.
Chime maintained that the Infrastructure Bank had been involved in mass transit, road construction, and rail projects across the nation over the years, and also established concessions with the government, particularly with eight states.
On conversion of petrol cars to CNG, the Acting Managing Director explained that the development finance bank had 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 on the economy.
In his remarks, the Permanent Secretary of Special Duties in the ministry, Okokon Udo, assured the bank’s top management team of the Federal Government’s readiness to create a conducive business environment to support economic growth and reduce the adverse effects of subsidy removal.
