In his inaugural presidential address on May 29, Tinubu made a significant announcement, declaring the removal of petrol subsidies. However, this decision resulted in a staggering 200% increase in petrol prices, consequently impacting the cost of food and transportation.

Facing mounting pressure from labor unions, who threatened to initiate a nationwide strike due to the rising cost of living, Tinubu reassured the public that the government was actively addressing citizens' needs.

Seeking solutions to alleviate the burden on vulnerable Nigerians, Tinubu penned a letter to the Senate on Thursday, urgently requesting their approval for a $800 million palliative loan from the World Bank.

In the letter, Tinubu stated, "The primary purpose of this facility is to expand the coverage of shock-responsive safety net supports for all vulnerable Nigerians and assist in meeting their basic needs."

Tinubu elaborated on the conditional cash transfer window of the program, revealing that the federal government would allocate a monthly sum of 8,000 to 12 million impoverished and low-income households for six months, benefiting approximately 60 million individuals.

The World Bank loan, according to Tinubu, would be utilized to enhance the National Social Safety Net Programme, emphasizing that the funds would be directly transferred to beneficiaries' accounts and mobile wallets to ensure transparency.

"The program's objectives include stimulating economic activities within the informal sector, as well as improving nutrition, health, and education outcomes for the households receiving benefits," Tinubu added.

Additionally, on Wednesday, Tinubu urged the House of Representatives to amend the 2022 Supplementary Appropriations Act by allocating N500 billion to fund palliative measures against the repercussions of fuel subsidy removal.

Tinubu proposed extracting the required funds from the N819,536,937,813 supplementary budget, which was originally introduced by former President Muhammadu Buhari in 2022 to address the impact of floods on farmlands and road infrastructure.

Notably, the budget's timeline has been extended until December 31 to accommodate the proposed amendment.

In conclusion, Tinubu formally requested the House to promptly consider his request to allocate N500 billion from the 2022 supplementary budget to provide essential palliative measures.