President Bola Tinubu has announced that the federal government will transfer N8,000 monthly to 12 million poor and low income households for six months as a palliative to cushion the impact of the removal of petroleum subsidy.
The president made this known in a letter to the House of Representatives, seeking approval for an additional loan facility of $800 million from the World Bank for the National Social Safety Net Programme.
The letter, which was read by the Speaker, Tajudeen Abbas, on Tuesday, stated that the loan would be used to expand the coverage of shock responsive safety net support for poor and vulnerable Nigerians and to help them cope with the cost of meeting basic needs.
The president said that the transfers would be made directly to beneficiaries’ accounts and mobile wallets to ensure transparency and accountability.
He added that the programme would stimulate economic activity in the informal sector and improve nutrition, health and education outcomes for beneficiary households.
The House of Representatives is expected to consider and approve the loan request as well as amend the 2022 Supplementary Appropriation Act to accommodate N500 billion provision for palliatives.
The Senate had earlier approved both requests on Thursday, following separate letters from the president.
