APPLY NOW: Federal Government Of Nigeria 8000 Cash Transfer {Explain}
The Nigerian government recently announced its commitment to provide financial support of 8,000 naira to approximately 12 million impoverished households in the country over a six-month period. This initiative comes as a response to the planned subsidy removal in June 2023 and aims to expand safety net support for vulnerable Nigerians.
During the previous administration, President Muhammadu Buhari sought approval from the Senate for an $800 million loan from the World Bank to mitigate the effects of subsidy removal. Following that, the current President Tinubu also approached the Senate to secure a $800 million palliative loan from the World Bank for the purpose of this cash transfer program.
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The programme objectives include stimulating economic activities in the informal sector and enhancing the well-being of beneficiary households in terms of nutrition, health, and education outcomes. The Nigerian government has allocated N500 billion from the 2022 supplementary budget of N819 billion to provide palliatives for vulnerable citizens, lessening the impact of the fuel subsidy removal.
To ensure transparency and credibility, President Tinubu mentioned that the funds will be digitally transferred to the households. The government is currently consulting with major stakeholders on the implementation of this policy drive by the new administration.
In conclusion, the Federal Government of Nigeria’s cash transfer program aims to support millions of poor households and vulnerable citizens, promoting economic activities and improving overall well-being through direct financial assistance.