President Bola Ahmed Tinubu has announced that N5000 would be given to poor masses monthly to cushion the effects of the removal of fuel subsidies on millions of Nigerians.
OsunDailyNG reports that the president made this known in a live national broadcast to Nigerians on Monday evening.
In his address, President Tinubu also stated that the national social register will not be used for the distribution of the monthly stipend to poor and vulnerable Nigerians.
According to the President, commercial banks would be in charge of verifying the eligibility of beneficiaries before the distribution of cash.
He said: “In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and appropriate transaction structure for all stakeholders.”
Recall that the social register was reported to have captured over 61 million vulnerable Nigerians eligible for various government social programmes.
However, in June, the National Economic Council (NEC) dumped the national social register used under former President Muhammadu Buhari’s administration for lack of credibility.
During a meeting in June, the council, presided over by Vice President Kashim Shettima, proposed implementing a cash transfer programme for states based on their social registers and a cash reward policy for public servants for six months.
