President Bola Ahmed Tinubu has said N8,000 will be given to 12 million families over a period of six months as a means of ameliorating the hardships of Nigerians as a result of subsidy removal.
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He also sought the approval of the House of Representatives for the additional loan facility of $800 million from the World Bank for the National Social Safety Net Programme.
In a letter to the House of Representatives read by Speaker Tajudeen Abbas during plenary on Tuesday, Tinubu said the support was to enable poor and vulnerable Nigerians to cope with the cost of meeting basic needs.
The letter was for approval of additional financing for the national social safety net programme (scale-up) by the National Assembly.
The President said this would have a multiplier effect on about 60 million individuals.
In order to guarantee the credibility of the process, he said digital transfers would be made directly to beneficiaries’ accounts.
The letter reads, “It is with pleasure that I refer the above matter to you. Please note that the Federal Executive Council led by President Muhammadu Buhari, GCFR approved an additional loan facility to the tune of USD800,000,000 (Eight Hundred Million United States Dollars) to be secured from the World Bank for the National Social Safety Net Programme (the “Programme”) (Copy of FEC Extract attached).
“You may also wish to note that the purpose of the facility is to expand coverage of shock responsive safety net support for poor and vulnerable Nigerians and to help them cope with the cost of meeting 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 N8,000 per month to 12,000,000 (twelve million) poor and low income households for a period of 6 (six) months with a multiplier effect on about 60,000,000 (sixty million) individuals. In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ account and mobile wallets.
“It is expected that the Programme will stimulate economic activity in the informal sector and improve nutrition, health and education outcomes for beneficiary households.
“Given the above, I wish to invite the House of Representatives to kindly grant approval for the additional loan facility of USD800,000,000.00 (Eight. Hundred Million United States Dollars) to be secured from the World Bank for the National Social Safety Net Programme.
“While hoping that this submission will receive expeditious consideration by the House of Representatives, please accept, Rt. Honourable Speaker, the assurances of my highest regards.”
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