The presidential candidate of the Social Democratic Party (SDP) in the 2023 election, Prince Adewole Adebayo has said the proposed plan by the Federal Government to give N8,000 to vulnerable Nigerians for six months to cushion the effect of the fuel subsidy removal would amount to waste.
OsunDailyNG recalls that President Bola Tinubu had asked the Senate in a letter to approve a borrowing request of $800 million which would be used to scale up the national social safety net programme.
He also assured that the Federal Government would transfer the sum of N8,000 monthly to 12 million poor and low-income households for six months.
Speaking with Arise News on Wednesday, Adebayo said the planned cash transfer by the government would amount to waste since the money would be valueless and would also lead to inflation.
He said: “It appears the government is not aware of what we call monetary neutrality. When you have no food, no means of transportation, and no medicare, throwing money at you is not going to increase the number of service providers.
“It is not going to increase the value of real goods in the market. What it is going to do is that there would be wastage because the money will not be well used. When the money gets to the end users, it becomes useless to them in the real terms because they don’t have the goods to chase with the money. In the end, it may cause a little bit of inflation.”
