Nigeria Hands Out $1.5bn Cash To Struggling Households

Nigeria embarked on distributing about $1.5 billion of cash to 15 million households vulnerable to rising food and fuel prices after inflation accelerated at the fastest pace in 18 years.

Each household will receive 25,000 naira ($32.70) a month for three months starting in October, Finance Minister Wale Edun said at a briefing in the capital Abuja on Tuesday. It’s estimated that the cash transfers will cost the government $1.5 billion.

Earlier, President Bola Tinubu cancelled fuel subsidies and allowed the naira to weaken in an attempt to revive the weakened economy. As a result, prices of everything from bread to bus tickets have skyrocketed in the country. Stimulus packages.

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