President Bola Tinubu has announced several palliative programmes to cushion the effects of the removal of fuel subsidy by his administration.
The initiatives come in the wake of mounting hardship resulting from Tinubu’s inauguration day declaration that “fuel subsidy is gone”.
Prices of petrol have since tripled from below N200 per litre in two months since he assumed office in May 29, prompting protest calls by the Nigeria Labour Congress (NLC).
In an apparent effort to alleviate the pain of millions of Nigerians, the President reeled out the promises in a national broadcast that respite had come for farmers, small business owners, and manufacturers, among others.
The programmes are to be funded with N500 billion approved from an $800 million World Bank loan earlier requested by former President Muhammadu Buhari for a national social safety net programme during his government’s twilight months.
Tinubu had planned N8,000 monthly cash transfers to 12 million households spanning six months. However, the controversy that trailed the news led to the Federal Government rescinding such plans with the intention of reviewing its strategy.
