President Bola Tinubu has made moves to ease the effects of the recent fuel subsidy removal on Nigerians, especially those from low-income households.
Since the announcement, many Nigerians have had questions and opinions, but here’s all we know about the president’s latest initiative.
Why is Tinubu introducing this?
The fuel subsidy removal saw a jump in the price of petrol to around ₦500 per litre and this has affected the cost of living of citizens. President Tinubu is introducing the payment of ₦8000 to ease the financial burden on these families.
Who will benefit from the payment?
President Tinubu’s ₦8k palliative is specifically targeted at 12 million poor and low-income households in Nigeria.
Where will the money come from?
President Tinubu wrote the Nigerian Senate, seeking the approval of an $800 million borrowing request from the World Bank.
“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,” the president’s letter read in part.
How will the money be disbursed?
The ₦8000 monthly palliative will be disbursed through the National Social Safety-Nets Coordinating Office (NASSCO), a government agency that oversees the “delivery of targeted transfers & livelihood supports to extreme poor & vulnerable households in Nigeria.”
The money will be transferred to beneficiary bank accounts and mobile wallets.
How long will it be paid?
According to President Bola Tinubu’s request letter to the Nigerian Senate, the proposed ₦8000 palliative will be paid monthly for six months.
What are Nigerians saying?
Though targeted at poor and low-income earning families, Tinubu’s ₦8k palliative plan has already stirred mixed reactions from Nigerians with some people tagging it as an attempt to “divert public funds.”
