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Infrastructure Bank Commits N13b to Cushion Subsidy Removal

The Infrastructure Bank will be providing finance to help alleviate the effects of the fuel subsidy removal.

The bank has earmarked N13 billion for this purpose and will be using the funds to develop transportation systems and road infrastructure.

A statement issued by the Federal Ministry of Finance said the Acting Managing Director Nkiru Chime and an Executive Director Andrew Nweke made this disclosure in Abuja when they visited the ministry.

Additionally, the bank has concessions with eight states and has previously provided interventions in the provision of mass transit, road and rail construction in some parts of the country.

Nkiru Chime stated that since inception “Infrastructure Bank had intervened in the provision of mass transit, road and rail construction in some parts of the country and the bank had concessions with Government particularly with eight states”.

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Chime added that The Infrastructure Bank has put in place funds to  convert cars using petrol to “Compressed Natural Gas (CNG) vehicles to cushion the effects of fuel subsidy removal”.

On his part, Andrew Nweke spoke about an intervention that will impact urban development. He said that the “Infrastructure Bank would engage in road infrastructure development in collaboration with the Federal Government to alleviate the impacts of fuel subsidy removal.

Responding, the Permanent Secretary Special Duties of the ministry Okokon Udo assured the bankers that “the Federal Government would create an enabling environment for businesses to thrive in the nation’s economy in order to reduce the adverse effects of subsidy removal”.

The Permanent Secretary stressed that the ministry was determined to work in partnership with the bank towards uplifting the living standards of Nigerians.

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