The Federal Government of Nigeria has disbursed N330 billion in direct cash transfers to vulnerable households as part of its revamped National Social Safety Net Programme, aimed at mitigating the effects of economic reforms like fuel subsidy removal and exchange rate adjustments.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, disclosed the milestone during a press briefing in Abuja on Wednesday, highlighting the programme's role in providing relief to millions amid rising living costs.
Edun stated that 8.5 million households—out of a targeted 15 million—have received at least one monthly payment of N25,000, with some beneficiaries getting up to three tranches.
"We are pleased to report that the social protection programme, aimed at cushioning Nigerians from rising living costs, is now firmly back on track," he said, noting that the remaining 7 million households are slated to receive payments before the end of 2025.
The initiative, coordinated through the National Social Safety-Net Coordinating Office (NASSCO), draws from an $800 million World Bank facility and targets 19.7 million poor and vulnerable households, representing over 70 million individuals captured in the National Social Register.
The minister attributed earlier delays to biometric verification challenges, including National Identity Number (NIN) enrolment lags, but emphasized that recent integrations have accelerated disbursements, including an additional 2.2 million households in the latest cycle.
Edun described the effort as a foundational step toward a modern, transparent social protection system, fulfilling President Bola Tinubu's promise to shield low-income Nigerians from policy-induced hardships.
Furthermore, the government plans to institutionalize the conditional cash transfer programme in the national budget to ensure long-term sustainability, transparency, and accountability.
"Put simply, we are converting reforms into results—verified support, delivered at scale—and we remain committed to reaching every eligible household across Nigeria," Edun added, tying the initiative to broader economic strategies for stability, investor confidence, and inclusive growth.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com