The Infrastructure Bank has revealed that it will provide financial assistance to the tune of N13 billion to mitigate the effects of the fuel subsidy removal.
According to a statement 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.
The statement indicated that the bank intends to use the funds for the advancement of transportation systems and the enhancement of road infrastructure.
It was further disclosed that the bank has established partnerships with eight states and have previously initiated projects related to mass transit, road construction, and rail development in various regions of the country.
Chime was quoted to have said 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.
The acting Managing Director 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.A
For his part, Nweke discussed an intervention aimed at influencing urban development, saying the Infrastructure Bank will collaborate with the Federal Government to engage in road infrastructure development to alleviate the effects of fuel subsidy removal.
Responding, 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 reiterated the ministry’s commitment to partnering with the bank to improve the living standards of Nigerians.