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The federal government has allocated N330 billion in cash transfers to impoverished and vulnerable Nigerians through the National Social Safety-Net Coordinating Office.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed this on Wednesday in Abuja during a meeting of the Special Presidential Panel on the Social Investment Programme.
He explained that the initiative was part of President Bola Tinubu’s efforts to support the poorest and most vulnerable citizens through the economic hardships brought about by the rise in prices, which resulted from necessary reforms.
“We are pleased to report that the social protection programme put in place as a safety net to help people cope with the rising price level is now firmly back on track. About 19.7 million poor and vulnerable households, representing more than 70 million individuals, are captured in the National Social Register."
“The cash transfers, funded from the 800 million dollars World Bank facility, were disbursed to 15 million households. So far, 8.5 million households have received at least one tranche of N25,000, while some have received two or three payments. The remaining seven million households will be paid before the end of the year,” he stated.
The minister noted that the programme is founded on a reliable and sustainable system, with beneficiaries verified using their National Identity Numbers and payments carried out digitally through bank accounts or mobile wallets.
Mr Edun added that, moving forward, the programme would be included in the federal government's annual budget to maintain its continuity. “We now have the basis for a modern social protection system that can provide targeted assistance to the poorest and most vulnerable on a long-term basis,” he said.
The National Coordinator of NASSCO, Funmi Olotu, mentioned that the staggered payments were necessary due to residents’ insistence on linking disbursements to their NINs to ensure accountability. “No more traditional cash payments."
"All transfers are direct debit to bank accounts."
“That is why some households have received one, two, or three tranches already,” she explained.
Ms Olotu noted that the previous government had initially proposed to pay N5,000 monthly for six months, but the current administration restructured the initiative to offer N25,000 monthly for a period of three months.
The national coordinator highlighted that the National Social Register was created in partnership with the World Bank, and was developed using over 40 socioeconomic indicators, without any political influence.
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