Federal Government of Nigeria has unveiled a plan to distribute N25,000 monthly to 15 million households nationwide.
The move comes as a response to the heightened economic difficulties brought about by the recent policy changes under President Bola Tinubu’s administration.
Last year, the President terminated fuel subsidies and currency controls, resulting in a significant increase in petrol prices and a surge in living expenses due to the depreciation of the naira against the dollar. These policy shifts have led to widespread economic hardship, with soaring inflation making it increasingly difficult for many citizens to afford necessities, including food.
Protests have erupted across the country as a manifestation of public dissatisfaction with President Tinubu’s leadership style. Many Nigerians have taken to the streets to voice their concerns over the economic crisis gripping the nation.
In an exclusive interview with Channels Television, monitored by Mega Icon Magazine, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, outlined the government’s commitment to mitigating the plight of the poor and vulnerable. The monthly cash relief initiative aims to provide much-needed financial support to households grappling with the economic fallout of recent policy changes.
“But I think the important thing to point out, at this time, is that the focus of Mr President is on keeping his promise, particularly to the poor and the vulnerable. Food prices are elevated, and the purchasing power is limited and that is what Mr. President is speaking directly to through the intervention programme of direct payments of N75,000 each over three months,” Edun said.
“That is N25,000 a month to 15 million households and each household is about five people. So, that effectively provides funding for 75 million people.”
The minister reiterated the Federal Government’s commitment to supplying grains as part of its strategy to alleviate the impact of escalating food prices.
“More recently, there was a 42,000 metric tonnes release from the strategic reserves with another 60,000 metric tonnes to come. This is all in a bid to make sure there is food in the marketplace,” the minister said
