President Bola Tinubu has disclosed a plan by the Federal Government to transfer N8,000 to 12 million poor households in Nigeria for a period of six months to cushion the negative effect of the Federal Government’s recent removal of fuel subsidy.
The President elaborated in a letter to the Senate on 12 July, requesting approval of $800 million loan that the Federal Government sought from the World Bank under the ‘National Social Safety Net Program-Scale Up’ to support the poor and vulnerable citizens.
According to the President, N500 billion would be given as palliatives in the form of conditional cash transfers directly to the bank accounts of the 12 million households.
The letter read in part: “Please note that the Federal Executive Council led by President Muhammadu Buhari approved an additional loan facility to the tune of $800 million to be secured from the World Bank for the National Social Safety Net programme. Copy of FEC’s extract is attached.
“You may also wish to note that the purpose of the facility is to expand coverage of shock-responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with 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 N800 per month to 12 million poor and low-income households for a period of six months, with the multiplier effect on about 60 million individuals,” the letter read in part.