The Federal Government has released N330 billion in cash transfers to poor and vulnerable Nigerians through the National Social Safety-Net Coordinating Office (NASSCO).
Finance Minister and Coordinating Minister of the Economy, Wale Edun, made the announcement on Wednesday in Abuja during a meeting of the Special Presidential Panel on Social Investment Programme.
He explained that the initiative is part of President Bola Tinubu’s economic support plan to help Nigerians cope with rising prices triggered by ongoing reforms.
Over 70 Million Nigerians Captured
Edun revealed that 19.7 million households, representing more than 70 million individuals, are currently listed in the National Social Register.
From this, 15 million households were selected for the latest round of transfers.
“So far, 8.5 million households have received at least one tranche of N25,000. Some have received two or three tranches.
The remaining seven million households will be paid before the year ends,” the minister said.
Funded by World Bank Facility
The transfers were funded from the $800 million World Bank facility.
Payments are made digitally, either into verified bank accounts or through mobile wallets, using beneficiaries’ National Identity Numbers (NIN).
Edun added that the programme will now be included in the 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,” he said.
National Coordinator of NASSCO, Funmi Olotu, stressed that staggered payments were due to the insistence on linking disbursements with NIN for transparency.
“No more traditional cash payments. All transfers are done directly through bank accounts.
That is why some households have received different tranches at different times,” she explained.
Olotu also noted that while the previous administration planned to pay N5,000 monthly for six months, the new government redesigned the scheme to give N25,000 monthly for three months.
The social register used for the disbursement was developed in collaboration with the World Bank and built on over 40 socioeconomic indicators to ensure fairness without political interference.
