President Bola Tinubu has provided an assurance that his administration will allocate a monthly sum of N8,000 to 12 million low-income households for a period of six months.
Tinubu’s proposal to the Senate, seeking approval for a loan of $800 million, received a favorable response on Thursday when Senate President Godswill Akpabio read the letter during the plenary session.
In the letter, the President clarified that the loan would be utilized to expand the national social safety net program. He emphasized that a monthly stipend of N8,000 would be directly transferred to the beneficiaries’ bank accounts.
The intended purpose of these funds is to invigorate economic activities in the informal sector and enhance the living standards of the recipient households.
“To ensure the transparency and reliability of the process, the funds will be digitally transferred directly to the beneficiaries’ accounts and mobile wallets. This program is expected to stimulate economic activities in the informal sector while also improving nutrition, healthcare, education, and overall human capital development within the households of the beneficiaries,” the letter states.
