President Bola Tinubu has guaranteed that his government will provide a monthly sum of N8,000 for six months to 12 million households with low income. After Senate President Godswill Akpabio read Tinubu’s letter during the plenary session, the Senate approved Tinubu’s request to borrow $800 million. The president clarified in the letter that the loan would be utilized to expand the national social safety net program, ensuring that the beneficiaries receive a direct transfer of N8,000 per month to their accounts.
The monies are expected to “stimulate economic activities in the informal sector” and improve the standard of living in the beneficiaries’ households.
“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,” the letter reads in part.