President Bola Tinubu has disclosed a plan by the Federal Government to transfer N8,000 to 12 million poor households in Nigeria for a period of six months.
This was contained in a letter the President wrote to the House of Representatives regarding the 800 million dollars loan request of the Buhari administration for the social safety net programme.
The president is asking for approval of the House to secure the loan.
According to the President, the money transfer to poor households would have a multiplier effect on about 60 million individuals.
For credibility, the President said the money will be transferred to the households digitally.
Few weeks before the end of his tenure, the immediate past President, Muhammadu Buhari, had written to the Senate seeking approval to take a loan to the tune of $800 million from the World Bank to cushion the effects of subsidy removal.
Former Minister of Finance, Budget and National Planning, Zainab Ahmed, had stated that the disbursement of the grant was in light of the planned subsidy removal in June 2023.
President Tinubu did not waste time in removing the petrol subsidy, announcing its end during his inaugural speech on May 29.