Speaking during an interview on Channels Television’s Politics Today program, Minister Olawande stated that the cash transfer program aims to alleviate poverty and provide a safety net for low-income families grappling with economic hardships. 

The initiative, funded through a combination of federal budgets and international partnerships, is designed to support households identified through the National Social Register.

“This administration is committed to ensuring that the most vulnerable Nigerians receive direct financial support to meet their basic needs,” Olawande said. 

“The cash transfers will empower 2.2 million households to improve their livelihoods and contribute to economic stability.”

The minister explained that the program targets households in both rural and urban areas, with a focus on those affected by rising inflation and unemployment. 

Each beneficiary household is expected to receive regular payments, though the exact amount and frequency were not disclosed during the announcement. 

The initiative builds on previous efforts by the government, which recently disbursed N493 billion to over five million households under its social protection scheme.

The announcement comes amid calls from international and local stakeholders for enhanced social safety nets to address Nigeria’s economic challenges. 

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized that the cash transfers are part of a broader strategy to complement recent pension increases for retired federal employees, which include an additional N32,000 monthly payment under the Contributory Pension Scheme. 

The Federal Government has assured Nigerians that the cash transfer program will be closely monitored to ensure funds reach the intended beneficiaries. 

The National Social Investment Programme Agency (NSIPA) will oversee the implementation, working with state governments and local authorities to identify eligible households.