The federal government said it has concluded arrangements to distribute N75,000 in cash to 70 million Nigerians to mitigate their sufferings occasioned economic hardship.
The news of the initiative is contained in a statement Senior Special Assistant to the President on Public Affairs, Hon. Aliyu Audu, released on Sunday.
In the communication, the presidential aid said the palliatives is consistent with President Bola Ahmed Tinubu’s administration’s profound desire to address the growing poverty in the country.
Audu stated that Tinubu had provided sufficient evidence of performance in just 19 months in office, saying, the President’s bold policies have yielded tangible results at home and abroad, marked by a massive influx of foreign portfolio investments into the country.
He claimed that debt obligations are being met to preserve Nigeria’s corporate integrity among nations.
According to Audu, about 23 per cent of foreign reserves have surged into the country, amounting to $7.69 billion in one year (Year on Year) due to the effective monetary and fiscal policies of the Central Bank of Nigeria and the Federal Government.
He argued that while CBN’s benchmarked interest rate management incentivized foreign exchange inflows, the federal government’s improved activities in the non-oil sector and its boosted oil production have transformed fiscal earnings into its coffers.
At the state and local government council levels, Audu noted that significant federation allocations are being received, with some boasting triple increases, enabling improved payments to local contractors while food prices are falling as farmers now have better access to their farms, thanks to increased security by the armed forces.
He added that the President’s bold economic policies continue to garner praise, with food surpluses expected soon following the delivery of 255 tractors to mechanise and transform agriculture. These tractors are being distributed to farmers.
Audu also applauded the government for the repatriation of $52.88 million of looted funds from the United States, stating that it is important for APC promoters to engage more Nigerians this year and market Tinubu’s people-oriented policies ahead of May 29, 2025, as he approaches two years in office.
