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President Bola Tinubu has proposed a plan to provide financial assistance to 12 million poor households in Nigeria.
In a letter read during a senate plenary session, Tinubu requested a borrowing of $800 million from the World Bank to fund the national social safety net program.
The funds would be used to transfer N8,000 ($20) monthly to identified beneficiaries for a period of six months.
The aim of the program is to expand coverage of support for the poor and vulnerable in Nigeria, helping them meet their basic needs and stimulating economic activities in the informal sector.
The transfers would be made directly to beneficiaries’ accounts and mobile wallets to ensure transparency and credibility.
The letter reads “Please note that the federal executive council led by President Muhammadu Buhari approved an additional loan facility to the tune of $800 million to be secured from the World Bank for the National Social Safety Net programme. Copy of FEC’s extract 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 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.”
