The Federal Government has announced that it has paid out ₦330 billion to support poor Nigerians through its cash transfer programme.
This was disclosed in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. He explained that the payments were handled by the National Social Safety-net Coordinating Office (NASSCO).
Who Received the Money?
According to Edun, there are about 19.7 million poor and vulnerable households in the country. This represents more than 70 million Nigerians listed on the National Social Register (NSR).
Out of these, the programme targets 15 million households, covering roughly 75 million people. Already, 8.5 million households have received at least one payment.
Each household is entitled to ₦25,000 per round of payment. Some families have already received one, two, or even three payments. Others are still waiting, but the minister assured that all remaining households will be paid before the end of the year.
Where Did the Money Come From?
The cash transfer programme is being funded with the help of the World Bank, which provided an \$800 million loan facility.
The programme is part of President Bola Tinubu’s plans to help Nigerians deal with rising prices caused by the removal of fuel subsidy and the floating of the naira.
How Is the Payment Made?
Edun explained that the payment system has been designed to be transparent and reliable.
- Biometric Identification – Beneficiaries are identified through their National Identification Number (NIN).
- Digital Payment – Instead of giving out cash by hand, payments are made directly into bank accounts or mobile wallets.
This, according to the minister, ensures that money reaches the right people without corruption or middlemen.
Importance of Social Safety Nets
The minister described the cash transfer programme as part of a modern social protection system. He said every developed economy has a safety net to help its poorest citizens, and Nigeria is now building such a system.
He added that the government plans to include this programme in future budgets, so that it continues every year. This will allow the government to step in quickly and support vulnerable people whenever the economy faces challenges.
Why Some Families Got More Payments
The National Coordinator of NASSCO, Funmi Olotu, also explained why some households got one payment while others received two or three.
According to her, President Tinubu directed that all payments must be linked to the NIN for proper verification. This slowed down the process for some beneficiaries but ensured that the system remained transparent.
She added that the payments are made only through direct debit transfers to bank accounts, not by giving cash hand-to-hand. This, she said, is to stop fraud and ensure accountability.
Conclusion
The government’s ₦330 billion cash transfer programme is one of its biggest efforts to support poor Nigerians during tough economic reforms. By the end of the year, the government expects that all 15 million targeted households will have received their payments.
Edun stressed that this initiative is not just temporary relief but the beginning of a long-term social protection system that will continue to help Nigerians in the years ahead.