The Federal Government has revealed its plans to give Nigerians N8000 monthly for 6 months straight as subsidy removal palliative.
President Tinubu was granted approval by the Senate to borrow $800 million from the World Bank in a bid to lower the effect of the subsidy removal on Nigerians.
The president wrote a letter to the House of Assembly asking for approval for N500 billion from the 2022 supplementary budget to help Nigerians as a result of the fuel subsidy removal.
It read:
"Please note that the Federal Executive Council led by President Muhammadu Buhari, GCFR, approved an additional loan facility to the tune of $800,000,000 to be secured from the World Bank for the National Social Safety Net Programme (the “Programme”) (Copy of FEC Extract attached).
You may also wish to note that the purpose of the facility is to expand coverage of shock-responsive safety net support for poor and vulnerable Nigerians and to help them cope with the cost of meeting basic needs.
You may further wish to note that 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 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 was granted approval by the Senate to borrow $800 million from the World Bank in a bid to lower the effect of the subsidy removal on Nigerians.
The president wrote a letter to the House of Assembly asking for approval for N500 billion from the 2022 supplementary budget to help Nigerians as a result of the fuel subsidy removal.
It read:
"Please note that the Federal Executive Council led by President Muhammadu Buhari, GCFR, approved an additional loan facility to the tune of $800,000,000 to be secured from the World Bank for the National Social Safety Net Programme (the “Programme”) (Copy of FEC Extract attached).
You may also wish to note that the purpose of the facility is to expand coverage of shock-responsive safety net support for poor and vulnerable Nigerians and to help them cope with the cost of meeting basic needs.
You may further wish to note that 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 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."