Determined to go ahead with the withdrawal of fuel subsidy, the federal government has disclosed that it will spend the sum of N478 billion this year to execute projects that will benefit from the fuel subsidy removal.<\/span><\/p>\n \u00a0This was revealed by the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, during a town hall meeting with staff of the ministry convened to discuss deregulation and the removal of petroleum subsidies. \u00a0<\/span><\/p>\n \u00a0The projects will be funded from the federal government portion of the savings from ending fuel subsidies, which is estimated to be about N478 billion in 2012.<\/span><\/p>\n \u00a0She explained that “subsidy removal is, strictly speaking, not an accurate description, because what government is doing is subsidy reallocation into areas that will have the most impact on Nigerians and the future generations.<\/span><\/p>\n \u00a0The federal government is considering such projects as “the construction, completion and rehabilitation of rail, refineries, key federal highways, hydro stations, information technology and water.<\/span><\/p>\n \u00a0In addition, the Subsidy Reinvestment and Empowerment Programme (SURE) under which the projects will be executed will also provide for the implementation of short term social welfare programmes to alleviate the impact of subsidy removal on Nigerians.<\/span><\/p>\n \u00a0The social welfare programmes, she disclosed, “will include mass transit, public works including training in artisanship for unskilled youth and social services to reduce high maternal and infant mortality rates.”<\/span><\/p>\n \u00a0The minister told the staff that she decided to speak to them because the ministry is \u2018\u2019a front line one and charity should begin at home.”<\/span><\/p>\n