The Federal Government of Nigeria has disbursed N330 billion in cash transfers to poor and vulnerable Nigerians through the National Social Safety-net Coordinating Office (NASSCO).
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a press briefing in Abuja.
The programme targets about 19.7 million poor and vulnerable households, representing over 70 million individuals registered in the National Social Register. The cash transfers are funded from an $800 million facility provided by the World Bank as part of President Bola Tinubu’s strategy to cushion the economic impact of rising prices due to fuel subsidy removal and currency reforms.
Of the targeted 15 million households, 8.5 million have received at least one tranche of N25,000, while some have received two or three payments. The remaining 7 million households are expected to receive their payments before the end of the year.
The programme uses a robust system linking beneficiaries’ National Identity Numbers (NIN) to their bank accounts or mobile wallets for secure, digital payments, ensuring transparency and accountability. Edun said the government plans to provision the cash transfer in future annual budgets to guarantee sustainability.
The National Coordinator of the programme, Funmi Olotu, explained that payments are staggered to ensure proper verification and adherence to the directive that no cash payments should be made directly to beneficiaries.
The cash transfer initiative forms a critical part of Nigeria’s social protection scheme aimed at helping the poorest Nigerians to better cope with economic challenges.
