JUST IN: N8k monthly stipend to be paid to 12m poor homes as subsidy removal palliative – Tinubu

For the purpose of subsidy removal, President Bola Tinubu has urged the Senate to grant a borrowing request for $800 million.

Godswill Akpabio, the president of the Senate, read a letter that contained the president’s request at Thursday’s session.

In the letter, Tinubu detailed how the loan will be utilized to expand the country’s social safety net program.

He stated that the World Bank will be the source of the fresh borrowing.

He promised that for six months, the federal government will give N8,000 a month to 12 million low-income and disadvantaged households.

He declared that the funds would be sent straight to the accounts of the named beneficiaries.

“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 attached,” the letter reads.

“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 N8,000 per month to 12 million poor and low income households for a period of six months, with a multiplier effect on about 60 million individuals.

“In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ accounts and mobile wallets.

“It is expected that the programme, will stimulate economic activities in the informal sector, and improve nutrition, health, education, and human capital development of beneficiaries’ households.

“Given the above, I wish to invite the Senate to kindly grant approval for the additional loan facility of $800 million to be secured from World Bank for the National Social Safety Net Programme.

“While hoping that this submission will receive expeditious consideration by the Senate, please accept the assurances of my highest regards.”

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