By Adaobi Rhema Oguejiofor
The Infrastructure Bank has revealed that it will be providing about N13 billion in order to help reduce the effects of the removal of fuel subsidy.
This was disclosed by the Acting Managing Director of the bank, Nkiru Chime, during a visit to the Federal Ministry of Finance in Abuja on Thursday.
According to her, the bank intends to use the funds to develop transportation systems and road infrastructure, adding that since inception the Infrastructure Bank had intervened in the provision of mass transit, road and rail construction in some parts of the country and the bank has concessions with Government particularly with eight state.
Chime stated 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, the Executive Director of the Bank, Mr. Andrew Nweke spoke about an intervention that will impact urban development.
In his own words, “ the Infrastructure Bank would engage in road infrastructure development in collaboration with the Federal Government to alleviate the impacts of fuel subsidy removal.
The Permanent Secretary, Special Duties of the Ministry, Mr. Okokon Udo, in response to the Bank’s intervention, 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 further stressed that the ministry was determined to work in partnership with the bank towards uplifting the living standards of Nigerians.