FG Pays ₦330bn Cash Transfers To Support Poor Nigerians

The Federal Government of Nigeria has disbursed a total of N330 billion in cash transfers to poor and vulnerable citizens 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 on Monday.

According to Edun, the cash transfers are being funded from the $800 million World Bank facility approved to support poor Nigerians in coping with the rising cost of living occasioned by the removal of fuel subsidy and the floating of the naira.

Edun revealed that there are about 19.7 million poor and vulnerable households, representing over 70 million individuals, already captured on the National Social Register (NSR).

The minister explained that the intervention is part of President Bola Tinubu’s strategy to provide a social safety net for Nigerians.

Edun said:
“This is part of the plan by Mr. President to get the social protection programme that he had in mind to help the poorest and most vulnerable through the difficulties caused by the increase in the price level, as we all know, as part of the necessary reforms that were put in place. We are pleased to report that the social protection programme, the putting in place of a safety net to help people cope with the rising price level, is now firmly back on track.”

He further noted that out of the 20 million households on the Social Register, the programme is designed to cover 15 million households (about 75 million Nigerians). Out of this number, 8.5 million households have already received at least one tranche of N25,000 each, while some have received two or three payments.

Edun emphasized the transparency of the process, highlighting the use of biometric identification through the National Identity Number (NIN) and digital transfers via bank accounts and mobile wallets.

He assured that the remaining households would receive their payments before the end of the year.
“The expectation is that the other 7 million or so households will be paid by the end of the year,” he stated.

The minister stressed that the social safety net programme is a key element of every modern economy.
“What Nigeria now has is a robust system of reaching whichever targeted set of people that we want to reach to help the poorest and the most vulnerable on a long-term basis,” he said.

Inclusion In Federal Budgets

Edun disclosed that the Federal Government would make annual budgetary provisions to sustain the initiative going forward. “We expect that there will be the ability to budget each year for assistance for people to be paid directly to help them at any given point in time with an intervention. So Nigeria now has the basis for a modern social protection system that was the promise of Mr. President. That is what he is now putting in place. Alongside all the other improvements in the economy, there is the creation and establishment of a very robust system of reaching the poor,” he added.

Giving further clarification, the National Coordinator of NASSCO, Funmi Olotu, explained that the payments were staggered due to the directive of President Tinubu that all beneficiaries must be verified and linked to their NIN for accountability.

She said: “We do direct-debit transfer. Mr. President said no more traditional mode of payment of cash to people. He said we must pay directly to their bank accounts. That is why we have first tranche, second tranche and third tranche.”

Source: Informationng