President Bola Ahmed Tinubu’s administration is set to disburse N8,000 to 12 million Nigerian households for the period of six months, this is to help the masses to cope with the economic hardship caused by the subsidy removal.
President Tinubu on thursday, July 13, wrote a letter addressed to the House of Representatives.The president stated the money will aid the poor and vulnerable Nigerians survive the high cost of commodities in the country and also help meet their basic needs.
The letter was for the approval of additional financing for National social safety net programme scaled up by the National Assembly.
To ensure the credibility of the process, president Tinubu, said digital transfers would be made directly to beneficiaries account.
Tinubu explained;
“You may also wish to know that the purpose of the facility is to expand coverage of shock-responsive safety net supports for all and vulnerable Nigerians and the cost of meeting basic needs,”
“under the conditional cash transfer window of the programme, the federal government of Nigeria will transfer the sum of 8000 a month to 12 million poor and low-income households for a period of six months with a multiplying effect on about 60 million individuals.”
“In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries accounts and mobile wallets.”
“It is expected that the programme will stimulate economic activities in the informal sector and improve nutrition, health, and education outcomes for beneficial households.
“Giving the above, I wish to invite the senate to kindly grant approvals for additional loan facilities USD800milliom to be secured from world bank for the national social safety net programme.”
From the outset of fuel subsidy removal, the economic state of the country has been in jeopardy, both the poor and rich residents of the country have been going through untold hardship, following the high cost of petroleum products in the country.
The outrageous petrol price increase led to the decrease in affordability of essential commodities and transportation. The subsidy removal amounted to a 150% to 200% surge in fuel costs from (N500 – 700) across the country, which has negatively affected both small, medium-size and big businesses in the country.
