.png)
1 hour ago
1
The Federal Government has disbursed ₦330 billion in direct cash transfers to poor and vulnerable Nigerians under its social protection initiative, according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Speaking during a press briefing in Abuja on Wednesday, Edun explained that the payments were made through the National Social Safety-net Coordinating Office (NASSCO), as part of a broader effort to cushion the economic impact of recent reforms.
“This is part of plans 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,” Edun stated.
The initiative is being funded from an \$800 million World Bank facility and targets individuals and households captured in the National Social Register, which currently holds data for about 19.7 million households and over 70 million Nigerians.
“We are pleased to report that the social protection programme, the putting in place of a safety-net to help people, to cope with the rising price level is now firmly back on track,” Edun said. “Of the 20 million households on the Social Register, covering about 75 million Nigerians, the programme was for 15 million households, covering 75 million Nigerians. 8.5 million households have now been paid at least one tranche of the funds that were promised to them — ₦25,000 Naira.”
“They have two more payments to go. Some have received two, and some have received three. And following from that, because what has been put in place is a very robust system,” he added.
According to Edun, the programme uses a biometric and digital framework to ensure transparency and sustainability. “People are identified biometrically by their NIN — National Identity Number. Secondly, they are paid digitally through their bank accounts or their mobile wallets. So it’s a very robust and sustainable system.”
Read also: Top 10 stories from across Nigerian Newspapers, Thursday, September 18
He assured that all remaining eligible 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,” Edun noted.
Highlighting the significance of the initiative, the minister said, “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.”
Looking ahead, Edun revealed that the federal government plans to sustain the initiative through dedicated budgetary provisions. “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,” he said.
“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 the establishment of a very robust system of reaching the poor.”
Offering more details, the National Coordinator of NASSCO, Funmi Olotu, explained that the number of payment tranches received by beneficiaries varies due to the strict requirement that all recipients be linked to their National Identity Numbers.
“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,” she said.
The cash transfer initiative is part of President Bola Tinubu’s economic support strategy following the removal of fuel subsidy and floating of the naira — reforms that have significantly affected household incomes across the country.
The post FG disburses ₦330bn to vulnerable Nigerians through digital cash transfers — Edun appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.
