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Economist Questions Tinubu’s Plan To Transfer 8,000 Naira To 12 Million Poor Households For Six Months

The plan by the Nigerian president, Bola Ahmed Tinubu to transfer 8,000 naira to 12 million poor households for six months has been greeted with criticisms and controversies in the last three days.

The president who made this disclosure through his Special Adviser on Communication and Special Duties, Dele Alake last week is of the opinion that the money will help to cushion the scorching effects of fuel subsidy removal on the vulnerable Nigerians.

According to him, the 500 billion naira which had already been approved by the National Assembly will be extracted from the 819 billion naira 2023 supplementary budget, and each family will earn a sum of 8,000 naira monthly for six months.

The money will be transfered to their account digitally for transparency and accountability.

However, the idea has been heavily faulted by many economists and financial analysts who described it as a misplacement of priority.

Stating his position on the matter on Sunday while appearing on a National television, the CEO, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf identified poor data collation in Nigeria as a major factor that will militate against the idea.

Dr. Yusuf who is the immediate past Director General, Lagos Chamber of Commerce and Industry said such initiative cannot work effectively in this country, citing how similar conditional transfer was abused and terribly mismanaged by the Ministry of Humanitarian Affairs under the Muhammadu Buhari-led government.

The economist suggested that the money can be deployed to transportation sector by importing mass transit buses that will be distributed across the 36 states and Federal Capital Territory to ease the cost of transport that has eaten deep into the savings of Nigerians since the removal of fuel subsidy.

He also advised the president to look into the cost of Agricultural commodities and find a way of making prices of foodstuffs affordable to people.

Dr Muda Yusuf believes that if these two problems can quickly be resolved, it will go a long way in subsiding the undue pressure imposed on many Nigerians as a result of fuel subsidy removal.

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Seun Akin

Seun Johnson is a professional journalist and proficient media strategist with over 10 years of consistent work experience. He is Verse in content creation and versatile in editorial administration with a deep knowledge in digital, print and broadcast journalism.

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