Amid Inflationary Pressures, Tinubu Rolls Out Plan To Pay N8000 Stipend P/M To 12m Households

metro

1 year ago

… As Reps Approve President’s Request To Source N500bn For Palliatives

Amid inflationary pressures, President Bola Ahmed Tinubu has rolled out a plan to pay N8,000 over a period of six months to 12 million families to ameliorate the hardships faced by Nigerians as a result of subsidy removal.

This was disclosed in a letter the present sent to the House of Representatives read by Speaker Tajudeen Abbas during plenary on Tuesday, July 11, 2023.

With the current rate of inflation of about 22 percent and forecasts by analysts of further rise, consumers may be in for harder times as prices of food stuffs are rising daily.

More Worrisome is the drastic reduction in the disposable income, occassioned by the unification of the exchange rate by the Central Bank of Nigeria (CBN) as the search for real market rate discovery continues.

However, 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.

He said this would have a multiplier effect on about 60 million individuals. In order to guarantee the credibility of the process, he said digital transfers would be made directly to beneficiaries accounts.

ALSO READ:How NNPC, Marketers, Others Ran Economy Aground Through Subsidy Scam Since 2008-Isa Yuguda

Consequently, 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 subsidy.

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.

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