President Bola Tinubu has unveiled plans by his administration to pay 12 million poor Nigerian households N8,000 monthly for six months, amid the effect of fuel subsidy removal on the ordinary citizens.
Subsequently, the federal government under President Tinubu plans to spend $8 million on the project under the National Social Safety Net (NSSN) programme.
Tinubu, in a letter addressed to the Senate read by its President, Godswill Akpabio during plenary on Thursday, sought the Red Chamber’s approval for the $8m loan facility to be secured from the World Bank.
“The purpose of the facility is to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with basic needs,” Tinubu said in the letter.
“Under the conditional cash transfer window of the programme, the federal government of Nigeria will transfer the sum of N8,000 per month to 12 million poor and low income households for a period of six months, with a multiplier 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,” President Tinubu added.
He said it was expected that the programme, will stimulate economic activities in the informal sector, and improve nutrition, health, education, and human capital development of beneficiaries’ households.
The Federal Executive Council (FEC) led by President Muhammadu Buhari had approved a loan facility to the tune of $800 million to be secured from the World Bank for the National Social Safety Net programme.
