The Federal Government has disbursed N330 billion in cash transfers to poor and vulnerable Nigerians through the National Social Safety-Net Coordinating Office (NASSCO). Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this in Abuja on Wednesday during a meeting of the Special Presidential Panel on Social Investment Programme.
Edun said the intervention is part of President Bola Tinubu’s programmes aimed at cushioning the hardship faced by the poorest and most vulnerable due to rising prices following economic reforms. “We are pleased to report that the social protection programme put in place as a safety net to help people to cope with the rising price level, is now firmly back on track. About 19.7 million poor and vulnerable households representing more than 70 million individuals are captured in the National Social Register. The cash transfers, funded from the 800 million dollars World Bank facility, were disbursed to 15 million households. So far, 8.5 million households have received at least one tranche of N25,000, while some have received two or three payments. The remaining seven million households will be paid before the end of the year,” he said.
He explained 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. He added that the scheme will now be provisioned in the annual federal budget to guarantee 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 stated.
The National Coordinator of NASSCO, Funmi Olotu, said the staggered payments were due to the President’s insistence on linking disbursements with 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.
Olotu noted that while the previous administration had planned to pay N5,000 monthly for six months, the current government redesigned the scheme to provide N25,000 monthly for three months. She added that the national social register, developed in collaboration with the World Bank, was built on over 40 socioeconomic variables and is free from political interference.
