FG Disburses N330bn Cash Transfers to Vulnerable Nigerians — Edun

The Federal Government has disbursed N330 billion in cash transfers to vulnerable Nigerians through the National Social Safety-net Coordinating Office (NASSCO).

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this yesterday during a press briefing in Abuja.

He explained that the programme targets 19.7 million poor and vulnerable households, covering more than 70 million individuals on the National Social Register. The payments are being funded from a $800 million World Bank facility.

According to him, the initiative is part of President Bola Tinubu’s strategy to cushion the hardship faced by poor Nigerians following the removal of fuel subsidy and the floating of the naira.

Edun stated: “This is part of 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. Of the 20 million households on the Social Register, covering about 75 million Nigerians, the programme was for 15 million households. So far, 8.5 million households have received at least one tranche of the N25,000 promised. Some have received two, and others three.”

He emphasized that the system is transparent and reliable, noting that beneficiaries are identified through their National Identity Numbers (NIN) and payments are made digitally to their bank accounts or mobile wallets.

On the outstanding payments, Edun assured that the remaining households would be covered 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 said.

He further stressed that the programme would be sustained by special budgetary allocations 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.”

Meanwhile, the National Coordinator of NASSCO, Funmi Olotu, explained the staggered nature of the payments. According to her, some beneficiaries received one, two, or three tranches because the President directed that payments must be tied to NIN to ensure transparency.

She added: “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.”