FG disburses N330bn in cash transfers to poor households
The Federal Government has released N330 billion in cash assistance to impoverished and vulnerable Nigerians through the National Social Safety-Net Coordinating Office.Wale Edun, the Minister of Finance and the Coordinating Minister of the Economy, stated that this initiative is part of President Bola Tinubu’s plan to alleviate the effects of subsidy removal and changes in exchange rates for low-income individuals.
Edun mentioned that around 19.7 million needy and vulnerable households, which accounts for over 70 million people, are registered in the National Social Register. The cash transfers are financed by an $800 million World Bank program, aiming to assist 15 million households across the country.
“This is a component of Mr. President’s strategy to establish a social protection program aimed at supporting the poorest and most vulnerable during the challenges brought about by rising prices,” Edun remarked.
He noted that 8.5 million households have received at least one payment of N25,000, with some households having received two or three payments.
“They are due for two more payments. Some have obtained two, while others have received three. Additionally, the system in place is very comprehensive,” he stated.
The Minister explained that the program employs a comprehensive approach, where individuals are identified using their National Identity Number and paid electronically via bank accounts or mobile wallets.
Funmi Olotu, the National Coordinator of NASSCO, clarified that the staggered payments are a result of the government's requirement to connect cash transfers to NIN verification.
“There will no longer be traditional cash payments. All transfers will be through direct deposits to bank accounts. That is why some households have already received one, two, or three payments," she explained.
Edun highlighted that the initiative is intended to be sustainable, with the Federal Government looking to incorporate it into the annual national budget.
“We anticipate having the capacity to allocate funds each year for assistance to be paid directly, helping individuals at any time with an intervention,” he stated. “Thus, Nigeria now has the foundation for a modern social protection system as promised by Mr. President.”
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