The Federal Government (FG) has released ₦330 billion in cash transfers to poor and vulnerable Nigerians, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Speaking at a press briefing in Abuja on Tuesday, Edun explained that the disbursement was carried out through the National Social Safety-net Coordinating Office (NASSCO), as part of efforts to cushion the impact of ongoing economic reforms.
Targeting Poor Households Across Nigeria
Edun disclosed that about 19.7 million poor and vulnerable households, representing over 70 million individuals, are captured on the National Social Register.
He revealed that the current cash transfers, funded from a $800 million World Bank facility, are designed to support 15 million households with ₦25,000 each.
So far, 8.5 million households have received at least one tranche of the promised payments, while others will be paid before the end of the year.
“The programme was for 15 million households, covering 75 million Nigerians. Of these, 8.5 million households have now been paid at least one tranche of ₦25,000. Some have received two, and some have received three,” Edun said.
He emphasised that the process is robust and transparent, with beneficiaries identified biometrically through their National Identity Numbers (NIN) and paid digitally via bank accounts or mobile wallets.
Edun described the social safety-net initiative as central to President Bola Tinubu’s economic strategy, particularly in cushioning the effects of subsidy removal and the floating of the naira.
“This is part of Mr. President’s plan to help the poorest and most vulnerable cope with rising price levels as a result of necessary reforms. We now have the basis for a modern social protection system that can sustain direct intervention programmes,” he said.
The minister further indicated that provision for cash transfer programmes would be included in annual budgets to ensure continuity and sustainability.
Why Some Beneficiaries Received Staggered Payments
Providing additional clarification, the National Coordinator of NASSCO, Funmi Olotu, explained that the staggered nature of the payments was due to President Tinubu’s directive that all transfers be linked to beneficiaries’ NINs.
“We do direct-debit transfers. Mr. President insisted that there should be no traditional mode of handing out cash. Payments must be made directly to people’s bank accounts to ensure transparency,” Olotu said.
She noted that this has led to some beneficiaries receiving one, two, or even three tranches, while others are still being processed.