The federal government has allocated an additional ₦330 billion to assist impoverished Nigerians through its cash transfer initiative.
This program is part of the government’s strategy to alleviate the difficulties arising from escalating prices and economic reforms.
The announcement was made on Monday in Abuja, by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
He stated that the payments are administered by the National Social Safety-net Coordinating Office, which is responsible for managing the distribution of funds.
Edun revealed that approximately 19.7 million households, equating to over 70 million individuals are registered in the National Social Register.
From this pool, the program aims to assist 15 million households, covering around 75 million Nigerians. So far, about 8.5 million households have received at least one payment.
Each household is eligible for ₦25,000 per payment. Some families have received one, two, or even three payments, while others are still awaiting their turn.
The minister assured that all targeted households will receive their payments by the end of the year.
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The cash transfer program is supported by funding from the World Bank, which has provided an $800 million loan to Nigeria.
This initiative is part of President Bola Tinubu’s economic strategy.
The government launched the program to help citizens manage the impacts of the removal of the fuel subsidy and the floating of the naira, both of which have contributed to rising living costs.
The payment system has been designed to be transparent and secure. Instead of distributing cash directly, funds are transferred directly into bank accounts or mobile wallets.
Beneficiaries are verified using their National Identification Number (NIN).
Funmi Olotu, the National Coordinator of NASSCO, explained that linking each payment to the NIN has slowed the process but has enhanced transparency.
She also confirmed that all payments are conducted through direct transfers to bank accounts, rather than cash distribution, to ensure accountability.
Minister Edun characterized the cash transfer program as part of a contemporary social protection framework.
He noted that in developed nations, governments provide safety nets to support their most vulnerable citizens, particularly during challenging economic period
