The Nigerian government plans to make cash payments to poor people of about $25 per month to try to ease poverty and stimulate the economy, the vice-president said on Thursday, a plan that would cost a total of about $300 million per annum, Reuters reports..
“One million poor and vulnerable Nigerians would receive 5,000 naira ($25) monthly,” Vice-President Yemi Osinbajo said in a statement outlining government priorities for the next 12 months.
Osinbajo did not say how these benefits would be funded, saying only there were part of a 6.06 trillion naira record budget for 2016 which parliament passed last month. Buhari still has to sign the bill.
The government has said it wants to borrow as much as $5 billion abroad but has not detailed how it wants to plug a budget deficit which officials have put in the range of between 2.2 trillion and 3 trillion naira.
Buhari has rejected a devaluation of the naira, which would hit poor people as Nigeria needs to import much of its food needs.