President Bola Tinubu on Tuesday ordered the immediate review of the proposed N8,000 conditional cash transfer to Nigerians, meant to cushion the effect of the petrol subsidy removal.
The president had asked the national assembly to approve a $800 million loan to ameliorate the hardship induced by the removal of subsidy on petrol.
Tinubu said 12 million households would receive N8,000 monthly from the loan that is being sourced from the World Bank.
Also, another N500 billion has been appropriated by the national assembly in an amendment to the 2022 supplementary budget to mitigate hardship as a result of the subsidy cuts.
Outrage followed the plan to pay N8,000 to 12 million poor households, with many citizens criticising the plan as not sustainable.
In a statement on Tuesday night, Dele Alake, special adviser on special duties, communications and strategy, said Tinubu has also directed that the whole gamut of the palliative package of government be unveiled to Nigerians.
“That the N8,000 conditional cash transfer programme envisaged to bring succour to most vulnerable households be reviewed immediately. This is in deference to the views expressed by Nigerians against it,” the statement reads.
“That the whole gamut of the palliative package of government be unveiled to Nigerians.
“Immediate release of fertilisers and grains to approximately 50 million farmers and households respectively in all the 36 states and the FCT.”
Alake said the president would always prioritize the welfare of Nigerians, adding that a number of his decisions taken so far have buttressed that position.
“You will recall that the president took a similar decision after listening to complaints from the business community/stakeholders about burdensome taxes, particularly multiplicity of taxes they are made to experience,” it read.
“This warranted the signing of four executive orders cancelling some classes of taxes, while suspending the implementation dates of others.”
