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President Bola Tinubu has ordered a review of the N8,000 conditional cash transfer that he promised to dole out to 12 million vulnerable Nigerians.
Dele Alake, the Special Adviser on Special Duties, Communication and Strategy made this known Tuesday in a Press Statement available to SOJ WORLDWIDE.
He said the review was in deference to the views of Nigerians, who have queried the adequacy of the measure to soften the effect of fuel subsidy removal.
Petrol sold for N617 in some markets in Nigeria on Tuesday.
Alake said side by side with the review of the cash transfer, the whole gamut of palliative package of government will be unveiled to Nigerians.
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In the meantime, President Tinubu has ordered the release of fertilisers and grains to approximately 50 million farmers and households respectively in all the 36 states and the FCT.
Alake said further:
“The President further assures Nigerians that the N500 billion approved by parliament to cushion the pain occasioned by the end of subsidy regime will be judiciously utilised. The beneficiaries of the reliefs shall be Nigerians irrespective of their ethnic, religious or political affiliation.
“President Bola Tinubu has promised to always prioritise the wellbeing of Nigerians and he is irrevocably committed to the vow. A number of decisions taken so far by this Administration have buttressed this stance.
“You will recall that the President took a similar decision after listening to complaints from the business community/stakeholders about burdensome taxes, particularly multiplicity of taxes they are made to experience. This warranted the signing of four (4) Executive Orders cancelling some classes of taxes, while suspending the implementation dates of others.
“In addition, the President has also set up a Tax Reform/Fiscal Policy Committee to bring up recommendations that will engender a wholesome fiscal environment for the country and remove anti-business barriers.
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“I wish to assure Nigerians that President Tinubu will continue to be a listening leader whose ears will not be dull to the views expressed by the citizenry. The President believes government exists to cater for the interest of the people and he has demonstrated this so clearly”.
In a letter to the National Assembly several weeks ago, President Bola Tinubu said his administration will share N8,000 each to 12 million vulnerable households to cushion the negative effect of the Federal Government’s recent removal of fuel subsidy.
The letter requested approval of $800 million loan that the Federal Government sought from the World Bank under the ‘National Social Safety Net Program-Scale Up’ to support the poor and vulnerable citizens.
According to the president, N500 billion would be given as palliatives in the form of conditional cash transfers directly to the bank accounts of the 12 million households.
“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 is 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 N8000 per month to 12 million poor and lo-income households for a period of six months, with the multiplier effect on about 60 million individuals.”
It was not clear whether President Tinubu will send another letter to the National Assembly seeking approval to spend the money, in another way.
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