Loan: N500 Billion Naira Palliatives for 12 Million Poor Households for Six Months

N500 Billion Naira (Loan) Palliatives for 12 Million Poor Households for Six Months.

The House of Representatives has amended the 2022 supplementary appropriation act and approved President Bola Tinubu’s request to source for 500 billion naira from the approved budget to provide palliatives for Nigerians following the removal of petrol subsidies.

This amendment comes 24 hours after the president’s request and was speedily taken through 2nd and 3rd reading which according to the lawmakers was in line with the need to urgently cushion the effect of the removal of subsidy.

Lawmakers urged the president to ensure judicious use of the funds as requested.

Meanwhile, President Tinubu has said 12m families will get N8, 000 over a period of six months to ameliorate the hardships faced by Nigerians as a result of subsidy removal.

According to a letter to the House of Representatives read by Speaker Tajudeen Abbas during plenary on Tuesday, Tinubu said it was support to enable poor and vulnerable Nigerians cope with the cost of meeting basic needs.

The letter was for approval of additional financing for the national social safety net programme scaled up by the National Assembly. The President said this would have a multiplier effect on about 60 million individuals.

In his opinion, digital transfers would be made directly to beneficiaries accounts as to ensure that the process is credible and fair.