FG disburses N330bn cash transfers to 15m vulnerable households

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FG disburses N330bn cash transfers to 15m vulnerable households

The Federal Government has announced the disbursement of ₦330 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, made this known on Monday in Abuja, explaining that the intervention is part of President Bola Tinubu’s strategy to cushion the impact of subsidy removal and exchange rate reforms on low-income citizens.

According to Edun, about 19.7 million poor and vulnerable households, representing over 70 million individuals, are captured in the National Social Register. He confirmed that the cash transfers are being funded from an $800 million World Bank facility, targeting 15 million households nationwide.

“So far, 8.5 million households have received at least one tranche of ₦25,000. Some have received two or three payments. The remaining 7 million households will be paid before the end of the year,” Edun said.

He stated that the programme is anchored on a “robust and sustainable system,” with all beneficiaries verified through their National Identity Numbers (NIN). Payments are made digitally through bank accounts or mobile wallets to improve efficiency and transparency.

Edun further disclosed that the Federal Government will make the initiative part of the annual national budget to ensure it remains sustainable. “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 added.

National Coordinator of NASSCO, Funmi Olotu, said the staggered payments were a result of the government’s insistence on linking cash transfers to NIN verification. “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 said.

Olotu added that the National Social Register was developed in collaboration with the World Bank, using over 40 socioeconomic variables and free from political interference. While the previous administration planned to pay ₦5,000 monthly for six months, the current government redesigned the scheme to pay ₦25,000 monthly for three months.