Over 8m households benefit as Tinubu okays reform pains with social investments

President Bola Ahmed Tinubu has defended the pains Nigerians are experiencing as a result of economic reforms, insisting that his administration has introduced social programmes to cushion the hardship.

In his Independence Day address, the president revealed that more than eight million poor and vulnerable households have already benefited from N330 billion in direct cash transfers, with recipients receiving tranches of N25,000 each.

He explained that the government had expanded student support through the National Education Loan Fund, which has disbursed N99.5 billion to over half a million students in 228 institutions across the country.

An additional N44.7 billion, he said, has been provided as upkeep allowances to students.

Tinubu also spoke about new credit schemes designed to empower Nigerians.

According to him, the Credicorp initiative has provided 153,000 citizens with loans worth N30 billion to acquire vehicles, solar power, housing upgrades and digital devices.

He added that the YouthCred programme has already begun giving National Youth Service Corps members access to affordable resettlement loans.

The president admitted that inflation and the high cost of living remain a major concern, but maintained that the resources saved from subsidy removal and fiscal reforms are being redirected into education, healthcare, infrastructure and social support.

“The true measure of our success will not just be statistics but food on the table, electricity in our homes, and security in our communities,” he assured Nigerians.