About 12 million households will get N8,000 over the course of six months, according to President Bola Ahmed Tinubu, to lessen the sufferings that Nigerians are experiencing as a result of the loss of subsidies.
The purpose of Tinubu’s letter to the House of Representatives, which was read aloud by Speaker Tajudeen Abbas at Thursday’s plenary, was to help poor and vulnerable Nigerians manage the cost of supplying their basic requirements.
The letter requesting permission of increased funding for the National Assembly-scaled-up national social safety net plan.
According to the President, this would affect an additional 60 million people.
He stated that digital transfers would be sent straight to beneficiaries’ accounts to ensure the legitimacy of the procedure.
The President’s action was intended to lessen the impact of the elimination of fuel subsidies, which he had previously announced on the day of his inauguration in Abuja on May 29.
Recall how the elimination of fuel subsidies led to a 200% increase in the price of petrol and an increase in food and transportation costs.
However, Tinubu requested that the 2022 Supplementary Appropriations Act be changed to include N500 billion to pay for temporary solutions to the effects of the elimination of gasoline subsidies in a letter to the House of Representatives.
The N819,536,937,813 additional budget is being raided by President Tinubu for N500 billion.
Due to the effect of the floods on farmlands and road infrastructure, the immediately preceding president Muhammadu Buhari proposed the additional budget for capital projects in 2022.
In a similar gesture to improve the living conditions of poor Nigerians grappling with the pangs of poverty caused by hardships, he also on Thursday, Tinubu wrote to the federal lawmakers seeking the approval of the Senate for a $800 million palliative loan from the World Bank.
According to Tinubu’s letter, “You may also want to know that the facility’s purpose is to expand coverage of shock-responsive safety net supports for all and vulnerable Nigerians and the cost of meeting basic needs.”
According to the President, “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 a period of six months with a multiplying effect on about 60 million individuals.”