The Infrastructure Bank of Nigeria has set aside N13 billion in support of the Federal Government’s palliatives on fuel subsidy removal via the provision of transportation system to cushion the effects of the hardship faced by Nigerians.
The Bank mulled an intervention that will make impact on urban development, adding that it would engage in road infrastructure development in collaboration with the Federal Government to alleviate the impacts of fuel subsidy removal.
This was disclosed by the Executive Director Infrastructure Bank, Mr Andrew Nweke who led a delegation of the Management and Board Members of the bank on a courtesy visit to the Federal Ministry of Finance in Abuja on Thursday.
In a statement signed by Stephen Kilebi Director Press & Public Relations in the Federal Ministry of Finance, he said Infrastructure Bank has set aside funds to convert Compressed Natural Gas (CNG) vehicles to cushion the effects of fuel subsidy removal.
Quoting Nkiru Chime, the Acting Managing Director of Infrastructure Bank, Mr. Kilebi said, “Chime hinted that The Infrastructure Bank had put in place funds to convert Compressed Natural Gas (CNG) vehicles to cushion the effects of fuel subsidy removal.”
According to him, Chime pointed out that since inception, Infrastructure Bank had intervened in the provision of mass transit, road and rail construction in some parts of the country.
She added that the Bank also had concessions with the Government, particularly with eight states, noting that, the bank had recapitalised in three stages.
The Permanent Secretary Special Duties Federal Ministry of Finance, Dr. Okokon Udo assured 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.
He said the visit by the Infrastructure Bank was of utmost importance, stressing that the Ministry was determined to work in partnership with the bank towards uplifting the living standards of Nigerians.
The Permanent Secretary stated that the Federal Government would create an enabling environment for the bank to operate in order to contribute its quota towards the socio-economic development of Nigeria.
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