Stephen Ukandu, Umuahia
As part of efforts to cushion the effects of the fuel subsidy removal, President Bola Ahmed Tinubu has put in place modalities to commence the payment of N8000 monthly to 12 million poor Nigerians.
This will be financed from the $800 million loan from the World Bank.
The Senate had on Thursday given approval to the loan request.
Recall that the immediate-past President Muhammadu Buhari, had towards the end of his tenure, sent similar request to the 9th Senate but it was not considered.
Meanwhile, President Tinubu re-presented same request to the 10th Senate which was approved without hesitations.
Tinubu had in the letter, explained that the loan would be used to improve the National Social Safety Net Programme.
He urged the Senate to give it acceleration consideration because of its necessity.
The letter read: “Please note that the Federal Executive Council (FEC) led by President Muhammadu Buhari approved an additional loan facility to the tune of $800 million.
“This is to be secured from the World Bank for the National Social Safety Net programme. Copy of FEC’s extract is attached.
“You may also wish to note that the purpose of the facility is to expand coverage of shock-responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with basic needs.
“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.”