The government led by President Bola Ahmed Tinubu hasn’t started giving out the promised N75,000 aid to vulnerable Nigerians, even though they received a loan of $299 million from the World Bank.
According to a document from the World Bank, they have given the government $299.99 million, which is 37.5% of the total loan. However, there is still $442.88 million left to be given to Nigeria.
Since June 2023, the government has been removing fuel subsidies, which has had a big impact on the economy. To help people who are struggling because of this, the government planned to use the $800 million loan to run a monthly cash transfer program.
The government wants to give N75,000 to poor and vulnerable Nigerians every month. This aid program was supposed to start in October 2023 and continue until December 2023. In total, it would be N1.13 trillion for that period.
Even though the program was launched in October, the government hasn’t started giving out the money yet. People are still waiting for the aid to arrive.