Tinubu Reveals How N500 Billion Palliative Will Be Shared To Nigerians

President Bola Tinubu has revealed that his administration will share N8,000 each to 12 million vulnerable households to cushion the negative effect of the Federal Government’s recent removal of fuel subsidy.

Tinubu stated this in a letter he wrote to the Senate on Wednesday, requesting approval of $800 million (N500 billion) loan the Federal Government is seeking from the World Bank under the ‘National Social Safety Net Program-Scale’ Up to support the poor and vulnerable citizens.

According to the president, the N500 billion would be given as palliatives in the form of conditional cash transfers directly to the bank accounts of the 12 million households.,,,,,,…………...CONTINUE READING

“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 lo-income households for a period of six months, with the multiplier effect on about 60 million individuals.”

Prior to leaving office, former President Muhammadu Buhari wrote similar letter to the Senate seeking approval of the same loan request.,,,,…………...CONTINUE READING

Buhari had said the government would transfer the sum of N5,000 per month to 10.2 million poor and low-income households for a period of six months with a multiplier effect on about 60 million individuals.