A transfer of N8,000 would be sent on a monthly basis to 12 million households with low incomes for a period of six months, as promised by President Bola Tinubu’s administration.

Thursday, Tinubu’s letter requesting that the Senate grant his request to borrow $800 million was read out during plenary by Godswill Akpabio, who serves as President of the Senate. Tinubu’s request was granted, and the money was borrowed.

In the letter, the president indicated that the loan would be used to scale up the national social safety net program. He also mentioned that a N8,000 monthly stipend would be delivered directly to the accounts of the people who would benefit from the program.

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It is hoped that the allocation of these funds will “stimulate economic activities in the informal sector” and lead to an improvement in the beneficiaries’ households’ level of life.

“Digital transfers will be made directly to the accounts and mobile wallets of the beneficiaries in order to ensure the legitimacy of the operation. According to a portion of the letter, “it is anticipated that the program will stimulate economic activities in the informal sector and improve the nutrition, health, education, and human capital development of the households of beneficiaries.”

more info coming soon…