The federal government has disbursed N330 billion cash transfers to poor and 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 on Wednesday in Abuja during a meeting of the Special Presidential Panel on Social Investment Programme.
He said the intervention was part of President Bola Tinubu’s programmes to help the poorest and the vulnerable through the difficulties caused by the increase in the price level as a result of the necessary reforms put in place.
“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.
The minister added 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.
“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. Going forward, the programme would be provisioned in the annual federal budget to ensure sustainability,” Edun said.
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The National Coordinator of NASSCO, Funmi Olotu, explained that 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 said.
She noted that while the previous administration planned to pay N5,000 monthly for six months, the new administration redesigned the scheme to give N25,000 monthly for three months.
According to her, the national social register was developed in collaboration with the World Bank, built on over 40 socioeconomic variables, and has no political interference.
