President Bola Ahmed Tinubu says about 12 million households will get N8,000 over a period of six months to ameliorate the hardships faced by Nigerians as a result of subsidy removal.
The purpose of Tinubu’s letter to the House of Representatives, which was read aloud by Speaker Tajudeen Abbas at Thursday’s plenary, was to help poor and vulnerable Nigerians manage the cost of supplying their basic requirements.
The letter requesting permission of increased funding for the National Assembly-scaled-up national social safety net plan.
According to the President, this would affect an additional 60 million people.
He stated that digital transfers would be sent straight to beneficiaries’ accounts to ensure the legitimacy of the procedure.
The President made the step to lessen the impact of the elimination of fuel subsidies, which he announced on the day of his inauguration on May 29 in Abuja.
Recall that the removal of fuel subsidy caused the prices of petrol products to jump over 200% and an increase in food prices and transportation.
However, in a letter to the House of Representatives, Tinubu requested that the 2022 Supplementary Appropriations Act be changed to include N500 billion to pay for countermeasures to the effects of the elimination of gasoline subsidies.
President Tinubu is seeking to extract N500 billion from the N819,536,937,813 supplementary budget
In 2022, the immediately preceding president Muhammadu Buhari proposed an extra budget for capital projects in response to the damage that floods had caused to agriculture and road infrastructure.
On Thursday, Tinubu also wrote to federal lawmakers asking for the Senate’s approval of a $800 million palliative loan from the World Bank in a similar effort to better the living conditions of impoverished Nigerians suffering from the pangs of poverty brought on by challenges.