CBN Distributing N500,000 Cash Grants to Nigerians? Fact Emerges

• Viral social media posts claim that the Central Bank of Nigeria (CBN) is giving out 500,000 naira cash grants to citizens
• Legit.ng reports that as many Nigerians experience economic hardship occasioned by the removal of fuel subsidy by President Bola Ahmed Tinubu, the masses are in need of palliatives to cater for their welfare
• A fact-checking platform investigated the claim of N500,000 cash grants and ruled that the supposed opportunity is yet another scam

Legit.ng journalist Ridwan Adeola Yusuf has over 6-year-experience covering public journalism

FCT, Abuja - Some posts on the popular social networking site, Facebook, claim that the Central Bank of Nigeria (CBN) is giving out “palliative loans” for 2024.

Some of the posts can be found here, here and here.

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Considering the claim was well-circulated, a fact-checking platform, Africa Check, scrutinised it.

Following its scrutiny, Africa Check said the claim was false and did not emanate from the CBN.

The platform stated that it investigated whether President Tinubu, through the CBN, is offering any loan service or giving out a half-a-million grant and found no evidence.

Palliatives announced by Tinubu, others for Nigerians

Meanwhile, a report by the International Centre for Investigative Reporting (ICIR) said between May 29, 2023, and October 1, 2023, President Tinubu announced at least nine palliatives to cushion the effect of fuel subsidy removal.

Amid the promise, 36 state governments received a total sum of N72 billion from the federal government.

However, five months after the funds were released, the state governors are yet to account for the money or show any evidence of how it was utilised, Leadership newspaper noted in a recent report.

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What to read about CBN, palliatives:

• “N25k cash transfer:” World Bank disburses $299.9m to FG as palliative loan for Nigerian households
• Palliative: Sanusi finally speaks on Tinubu's cash transfer
• FG to pay 5,000 monthly to 10 million households for 6 months as subsidy palliative

FG releases link for presidential grants, loans

Earlier, Legit.ng reported that the Nigerian government opened an application portal for its presidential conditional grant for Nano businesses under the palliative programme.

The initiative offers a grant of N50,000 per beneficiary to support one million small businesses in all the 774 local government areas (LGAs) in the country.

The FG will partner with state governments, ministers, NASMEs, senators, and federal lawmakers, using specific selection criteria to shortlist beneficiaries.

Source: Legit.ng