News

Subsidy: 12m Families To Receive N8,000 For Six Months – Tinubu

Published

3 years ago

July 13, 2023

Editor

President Bola Ahmed Tinubu says about 12 million households will get N8,000 over a period of six months to ameliorate the hardships faced by Nigerians as a result of subsidy removal.

In a letter to the House of Representatives read by Speaker Tajudeen Abbas during plenary on Thursday, Tinubu said it was designed to enable indigent and vulnerable Nigerian people to cope with the cost of meeting basic needs.

The letter waiting for approval of additional financing for the national social safety net programme scaled up by the National Assembly.

The President said this would have a multiplier effect on about 60 million individuals.

In order to ascertain the credibility of the process, he said digital transfers would be made directly to beneficiaries’ accounts.

The President’s move was to cushion the effect of the fuel subsidy removal which he announced on the day of his inauguration on May 29 in Abuja.

Recalled that the removal of fuel subsidy caused the prices of petrol products to jump over 200% and an increase in food prices and transportation.

But, in a letter sent to the House of Representatives, Tinubu asked that the 2022 Supplementary Appropriations Act be amended to provide N500 billion to fund palliative measures against the impact of fuel subsidy removal.

President Tinubu is seeking to extract N500 billion from the N819,536,937,813 supplementary budget.

The immediate past president Muhammadu Buhari introduced the supplementary budget in 2022 for capital projects due to the impact of the floods on farmlands and road infrastructure.

In a similar gesture to improve the living conditions of poor Nigerians grappling with the pangs of poverty caused by hardships, he also on Thursday, Tinubu wrote to the federal lawmakers seeking the approval of the Senate for a $800 million palliative loan from the World Bank.

“You may also wish to know that the purpose of the facility is to expand coverage of shock-responsive safety net supports for all and vulnerable Nigerians and the cost of meeting basic needs,” Tinubu said in the letter.

The President clarified that, “Under the conditional cash transfer window of the programme, the Federal Government of Nigeria will transfer the sum of N8,000 a month to 12 million poor and low-income households for a period of six months with a multiplying effect on about 60 million individuals.”

VANGUARD

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

2 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

3 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

5 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.