3.7 million families to receive ₦50k monthly grant as Tinubu approves N1tr palliative

President Bola Tinubu has announced a National Construction and Household Support Programme, which will see 100,000 families in each state getting N50,000 monthly grant for three months, N155bn to be disbursed for assorted foods, N540bn for household grants.

Tinubu gave the directive at the 142nd National Economic Council (NEC) meeting attended by state governors and some deputies at the State House, Abuja on Thursday.

The N50,000 monthly grant is set aside for 3.7 million families across the 36 states and the FCT, N10bn allocation each for CNG buses in the 36 states and the FCT, while N155bn earmarked for assorted foods is estimated to cost over N1tn.

He then issued a seven-day ultimatum to all the state governors to provide concrete feedback on their plans to step up food production in their respective states.

President Tinubu urged state governors to work together to meet the needs of citizens, stating his willingness to provide the needed support to ensure that Nigerians are relieved of hardship necessitates the need to implement N50,000 monthly grant.

“We must deliver on our targets at all levels. Please report back following your consultations and submit it to my office within seven days.

“How much support do you need from me and in what form? I am prepared to provide it.

“But we must achieve the result. There is nothing we are doing that is more important than producing high-quality food for our people to consume, buy, and sell. We create jobs in the production of it. And that is before we generate wealth by exporting the excess.

“It is not beyond us to achieve this for Nigerians,” he said.

The President’s directive is coming at the heels of multiple economic challenges rocking the country, high inflation driven by the removal of fuel subsidies and exchange rate depreciation reached 27 per cent year-on-year in October 2023. This price surge, coupled with high food insecurity has exacerbated the cost-of-living crisis, leaving Nigerians struggling to afford necessities.