Following the fastest rate of inflation in 18 years, Nigeria began distributing $1.5 billion in cash to 15 million households susceptible to rising food and fuel prices..
According to Finance Minister Wale Edun, each household will receive 25,000 naira ($32.70) per month for three months beginning in October.
Edun made the announcement at a press conference in Abuja on Tuesday. According to Bloomberg, the government would spend $1.5 billion on the cash payments.
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, which has the largest number of people living in poverty in Africa.