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The minister of Finance and Coordinating minister of the economy, Mr. Wale Edun, has revealed that the federal government has so far disbursed N330 billion in cash transfers to poor and vulnerable Nigerians through the National Social Safety-Net Coordinating Office (NASSCO).
Edun disclosed this on Wednesday in Abuja at a press conference noting that the intervention is part of President Bola Tinubu’s strategy to cushion the impact of subsidy removal and exchange rate reforms on the poorest Nigerians.
According to him, about 19.7 million poor and vulnerable households, representing more than 70 million individuals have been captured in the National Social Register.
The cash transfers, funded from an $800 million World Bank facility, are being disbursed to 15 million households.
“So far, 8.5 million households have received at least one tranche of N25,000. Some have received two or three payments. The remaining 7 million households will be paid before the end of the year,” Edun said.
He stressed that the programme is anchored on a “robust and sustainable system,” with beneficiaries verified through their National Identity Numbers (NIN) and payments made digitally via bank accounts or mobile wallets.
The minister explained that, going forward, the programme would be provisioned in the annual federal budget to ensure sustainability.
“We now have the basis for a modern social protection system that can provide targeted assistance to the poorest and most vulnerable on a long-term basis,” he said.
Providing further details, the National Coordinator of NASSCO, Mrs. Funmi Olotu, said the staggered payments were due to President Tinubu’s insistence on linking disbursements to NIN to ensure transparency.
“No more traditional cash payments. All transfers are direct debit to bank accounts. That is why some households have received one, two, or three tranches already,” she explained
