The decision by the Federal Government to pay N8,000 to about 12 million households in a bid to mitigate the effect of the fuel subsidy removal is generating mixed reactions.
It can be recalled that the president, on Thursday, while seeking the approval of the National Assembly to borrow $800million from the World Bank, revealed the plan of his administration to transfer N8,000 monthly to 12 million low-income households for six months.
In a letter read at the upper chamber by the Senate President, Godswill Akpabio, on Thursday, Tinubu noted that the money would be transferred directly to the beneficiaries’ accounts.
According to the president, the monies are expected to “stimulate economic activities in the informal sector” and improve the living in the beneficiaries’ households.
“In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ accounts and mobile wallets.
It is expected that the programme will stimulate economic activities in the informal sector and improve nutrition, health, education, and human capital development of beneficiaries’ households,” the letter read in part.
The move was sequel to the astronomical rise in prices of essential goods and services, including food items, transportation fare, and others, occasioned by the removal of fuel subsidy.
Recall that the president had during his inaugural speech on May 29, declared that the government can no longer sustain the payment of subsidy.
Following the announcement, the Nigerian National Petroleum Company Limited, NNPCL, approved an upward review in the pump price of the petroleum product nationwide.
The adjustment, which moved the pump price from N194 to as high as N557 in the states and the Federal Capital Territory, FCT, Abuja, led to the increase in the price of other products in the market, particularly food items.
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