President Bola Tinubu has said N8,000 will be paid to 12 million Nigerian families for six months to cushion the effects of petrol subsidy removal.
On Thursday, Tinubu wrote to the Senate seeking the approval of the Senate for $8OO million palliative loan from the World Bank. “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,” Tinubu said in a letter to the Senate.
Tinubu explained that “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.”
The World Bank facility, Tinubu said, would be utilised to scale up the National Social Safety Net Programme.
“In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries accounts and mobile wallets,” Tinubu said.
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