Tinubu promises 12m families will receive N8,000 for six months

President Bola Ahmed Tinubu has made an official declaration that 12 million impoverished households throughout the nation will receive a monthly sum of N8,000 for a duration of six months, aiming to mitigate the severe impact of fuel subsidy removal. The President emphasized that the funds will be directly transferred to the beneficiaries’ accounts to ensure transparency.

President Tinubu recently appealed to the House of Representatives to authorize an additional loan of 800 million dollars from the World Bank, intended for the National Social Safety Net Programme. In a letter read by Speaker Tajudeen Abbas during the plenary session, the President stated that this financial assistance would aid underprivileged households in coping with the escalating cost of living.

According to the letter published by The Nation on Thursday, July 13th, the President expressed, “It is worth noting that the primary objective of this facility is to broaden the coverage of responsive safety net support for impoverished and vulnerable Nigerians, facilitating their ability to meet their basic needs.”

The President further added, “It is also important to highlight that the Federal Government of Nigeria, under the conditional cash transfer window of the program, will provide a monthly sum of N8,000 to 12,000,000 (twelve million) impoverished and low-income households over a period of 6 (six) months, benefiting approximately 60,000,000 (sixty million) individuals. To ensure the credibility of the process, the funds will be directly transferred to the beneficiaries’ accounts and mobile wallets.”

It is worth recalling that President Tinubu had previously announced the removal of fuel subsidy during his inauguration on May 29th. This announcement resulted in an automatic increase in the prices of petroleum products within the country, consequently leading to a significant surge in the cost of living. Many individuals urged the government to implement measures aimed at alleting the hardships inflicted upon the populace by the removal of the subsidy.

Source: The Nation paper

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