Federal Government will create enabling Environment for Businesses to thrive to reduce effects of Subsidy Removal – Udo

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The Permanent Secretary Special Duties Federal Ministry of Finance, Okokon Udo has 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.

Dr. Okokon gave the assurance today during a courtesy visit by the Management and Board Members of The Infrastructure Bank at the headquarters of the Ministry in Abuja.

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 them to operate in order to contribute their quota towards the socio-economic development of Nigeria.

The Executive Director Infrastructure Bank, Mr. Andrew Nweke who led the delegation disclosed that the bank had earmarked N13 billion to support Federal Government palliatives on subsidy removal through the provision of transportation system to cushion the effects of the hardship faced by Nigerians.

He disclosed of an intervention which will make impact in urban development, adding that the Bank would engage in road infrastructure development in collaboration with the Federal Government to alleviate the impacts of fuel subsidy removal.

Contributing, the Acting Managing Director of Infrastructure Bank, Nkiru Chime pointed 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 Government particularly with eight states, adding that, the bank had recapitalized in three stages.

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.

Stephen Kilebi
Director Press & Public Relations