Tinubu Reveals N8000 Palliative Will Be Shared To Each Nigerian Family - Breaking News in Nigeria today 247 | TheWatchNGR


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Thursday, July 13, 2023

Tinubu Reveals N8000 Palliative Will Be Shared To Each Nigerian Family

President Bola Tinubu has revealed in a letter he wrote to the senate, that his administration will be sharing N8,000 each to 12 million vulnerable households to cushion the negative effect of the Federal Government’s recent removal of fuel subsidy.

The President is requesting approval of $800 million (N500 billion) 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, 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.

“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 program. A 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 program, the Federal Government of Nigeria will transfer the sum of N8000 per month to 12 million poor and low-income households for six months, with the multiplier effect of about 60 million individuals.”

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