In a letter addressed to the House of Representatives, President Bola Ahmed Tinubu unveiled a plan to provide financial assistance to Nigerians affected by the removal of fuel subsidies. The President expressed his concern for the hardships faced by the populace and outlined a strategy to ameliorate their circumstances.
According to President Tinubu, approximately 12 million households would receive a monthly sum of N8,000 over a six-month period. This initiative aimed to support indigent and vulnerable individuals in meeting their basic needs and would have a multiplier effect on about 60 million Nigerians.
To ensure transparency and credibility, the President emphasized that the financial aid would be directly transferred to the beneficiaries’ accounts through digital means. This approach aimed to streamline the process and minimize any potential misappropriation of funds.
President Tinubu’s decision to provide financial assistance was prompted by the significant increase in fuel prices following the removal of subsidies, which led to a rise in the cost of living, including food prices and transportation expenses.
To fund these palliative measures, President Tinubu requested an amendment to the 2022 Supplementary Appropriations Act, seeking an allocation of N500 billion from the N819,536,937,813 supplementary budget. This additional financing would support the implementation of the national social safety net program.
President Tinubu sought the approval of the Senate for a $800 million palliative loan from the World Bank.
“You may also wish to know that the purpose of the facility is to expand coverage of shock-responsive safety net supports for all and vulnerable Nigerians and the cost of meeting basic needs,” Tinubu said in the letter.
The President underscored that, under the conditional cash transfer window of the program, the Federal Government of Nigeria would provide a monthly sum of N8,000 to 12 million poor and low-income households for a period of six months. The financial assistance would ultimately benefit approximately 60 million individuals.
President Tinubu’s proposed measures demonstrated his commitment to addressing the challenges brought about by the subsidy removal and his determination to mitigate the impact on the Nigerian population. The government’s efforts aimed to alleviate financial burdens and provide temporary relief to those affected by the rising cost of living
