President Bola Tinubu has announced the Federal Government's plan to provide financial assistance to 12 million low-income households in Nigeria over a span of six months.
This information was conveyed in a letter read by Senate President Godswill Akpabio during plenary Thursday, asked the 10th Senate to approve the borrowing request of $800 million.
The letter in part reads, “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.
Recall that towards the end of Buahri's administration, he sent request for an $800 million loan to fund the social safety net program.
However, the 9th Assembly could not consider the request before its tenure ended on June 11.
