President Bola Tinubu has assured that his administration will transfer N8,000 monthly to 12 million low-income households for six months.
Tinubu's request to the Senate to approve the borrowing of $800 million was given the green light on Thursday after his letter was read during plenary by Senate President Godswill Akpabio.
In the letter, the president explained that the loan will go towards scaling up the national social safety net programme, noting that an N8,000 monthly stipend would be transferred directly to the beneficiaries' accounts.
The monies are expected to "stimulate economic activities in the informal sector" and improve the standard of living in the beneficiaries' households.
"In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries' accounts and mobile wallets. It is expected that the programme will stimulate economic activities in the informal sector and improve nutrition, health, education, and human capital development of beneficiaries' households," the letter reads in part.