President Bola Tinubu has instructed the immediate review of the proposed N8,000 conditional cash transfer program aimed at mitigating the impact of petrol subsidy removal on Nigerians.
Tinubu had previously sought approval from the National Assembly for an $800 million loan to address the hardships resulting from the subsidy removal.
The loan, sourced from the World Bank, was intended to provide N8,000 monthly to 12 million households. Additionally, the National Assembly has allocated an extra N500 billion in an amendment to the 2022 supplementary budget to alleviate the challenges caused by the subsidy cuts.
The plan to offer N8,000 to 12 million impoverished households sparked outrage among citizens, with many criticizing it as unsustainable.
In response to the public’s concerns, Tinubu, through a statement issued by Presidential spokesman, Dele Alake announced that the conditional cash transfer program would be reviewed promptly.
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The statement read, “In deference to the views expressed by Nigerians against it, the N8,000 conditional cash transfer program, envisaged to bring succor to the most vulnerable households, be reviewed immediately.”
It also emphasized Tinubu’s directive to unveil the entire range of government’s palliative measures to the Nigerian public.
Furthermore, the statement highlighted Tinubu’s commitment to prioritizing the welfare of Nigerians, citing previous decisions taken by the president that have underscored this stance.
It referred to Tinubu’s response to complaints from the business community and stakeholders regarding burdensome taxes, resulting in the signing of executive orders canceling certain tax classes and suspending the implementation dates of others.
President Tinubu’s directive seeks to address public concerns and ensure that the palliative measures adopted by the government effectively support those in need during the period of subsidy removal.
(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)
