President Bola Ahmed Tinubu has announced that 12 million families will receive N8,000 monthly for a period of six months to alleviate the difficulties faced by Nigerians due to subsidy removal.
During the House of Representatives plenary session, Speaker Tajudeen Abbas read a letter from Tinubu requesting approval for additional financing for the national social safety net program, which was scaled up by the National Assembly. Tinubu emphasized that this support is aimed at helping poor and vulnerable Nigerians meet their basic needs.
To ensure transparency, Tinubu stated that digital transfers will be directly made to the beneficiaries accounts. This initiative is expected to have a positive impact on approximately 60 million individuals.
It should be noted that Tinubu had previously requested approval for an $800 million loan facility from the World Bank to finance the National Safety Net Program of the Federal Government. In his letter to the Senate, he explained that the purpose of the loan is to provide support to impoverished Nigerians and disburse funds to disadvantaged households throughout the country. This loan facility is an extension of the existing unconditional cash transfer program implemented by the Federal Government.
Tinubu’s letter emphasized the need to expand the coverage of safety net support among poor and vulnerable Nigerians, enabling them to cope with their basic needs. Under the conditional cash transfer window of the program, the Federal Government of Nigeria intends to transfer N8,000 monthly to 12 million poor and low-income households for a period of six months. The digital transfers will be made directly to beneficiaries’ accounts and mobile wallets, ensuring the credibility of the process.
The program is expected to stimulate economic activities in the informal sector and contribute to the improvement of nutrition, health, education, and human capital development in the households of the beneficiaries.
Tinubu urged the Senate to grant approval for the additional $800 million loan facility from the World Bank for the National Social Safety Net Program, hoping for prompt consideration of his submission.
He concluded the letter by extending his highest regards.