President Bola Tinubu has proposed a plan to provide financial assistance to 12 million poor households in Nigeria.
In a letter read during a senate plenary session, Tinubu requested a borrowing of $800 million from the World Bank to fund the national social safety net program.
The funds would be used to transfer N8,000 ($20) monthly to identified beneficiaries for a period of six months.
The aim of the program is to expand coverage of support for the poor and vulnerable in Nigeria, helping them meet their basic needs and stimulating economic activities in the informal sector.
The transfers would be made directly to beneficiaries’ accounts and mobile wallets to ensure transparency and credibility.