FGN allocates N8,000 monthly transfer to aid 12 million impoverished households for six months

FGN allocates N8,000 monthly transfer to aid 12 million impoverished households for six months

President Bola Tinubu has unveiled a groundbreaking initiative aimed at alleviating poverty in Nigeria.

The Federal Government of Nigeria (FGN) plans to provide a monthly transfer of N8,000 to 12 million impoverished households across the nation for a duration of six months.

The details of this significant announcement were revealed in a letter written by President Tinubu and addressed to the House of Representatives.

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The correspondence highlights the administration’s intention to secure an $800 million loan to implement the social safety net program.

To ensure transparency and efficiency, President Tinubu emphasizes the necessity of using digital transfers as the designated method for delivering financial assistance to the needy households. This modern approach not only facilitates accountability but also demonstrates the government’s commitment to streamlining the process.

It is crucial to note that this substantial redistribution of financial resources is projected to positively impact the lives of approximately 60 million individuals, thereby contributing to their economic well-being.

By equipping these less privileged households with the means to meet their basic needs, the initiative promises to foster positive changes throughout the nation.