President Bola Tinubu has written to the senate to approve a borrowing request of $800 million.
The loan, which will be sourced from the World Bank, will be used as palliatives to cushion the effect of fuel subsidy removal that is biting the poor hard.
The Tinubu administration had removed fuel subsidy immediately after its inauguration, saying subsidy had increasingly favoured the rich over the poor.
Consequently NNPC Limited hiked the price of the product to N540 per litre and now N617 per litre.
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After public outcry, the government said it would transfer the sum of N8,000 monthly directly to 12 million poor and low-income households for six months.
But after intense pressure from Nigerians, who are very critical of the scheme and viewed the amount as insignificant, President Bola Ahmed Tinubu has directed that the N8,000 conditional cash transfer programme intended to bring succour to vulnerable households be reviewed immediately.
However, Daily Trust conducts a market survey, looking at a collection of food items poor households can buy with N8,000.
Rice, beans and garri
Findings by our correspondent revealed that N8,000 can purchase two bowls (dericcas) of rice, one bowl of beans and one and half bowl of garri.
Yam, Flour, Semovita
N8,000 can purchase two tubers of yam in a place like Lagos, one and a half bowls of flour and one packet of Semovita 2kg.
Noodles, Spaghetti and Macaroni
N8,000 can purchase 13 pieces of noodles, six pieces of Spaghetti and six pieces of Macaroni.
Sugar, Tea brand, Milk and Bournvita
It was also found out that N8,000 can buy one bowl of sugar, three packs of tea brand, two tins of milk (100ml) and Bournvita refill 500g.
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