The federal government has released ₦330 billion in cash transfers to poor and vulnerable Nigerians under the National Social Safety-Net Coordinating Office (NASSCO). Finance Minister and Coordinating Minister of the Economy Wale Edun made this disclosure in Abuja at a session of the Special Presidential Panel on Social Investment Programme.
Edun explained that the intervention is part of President Bola Tinubu’s efforts to support those hardest hit by rising prices after reforms that were deemed necessary. He stated that the social protection programme designed to assist people suffering under inflation and cost-of-living increases is now fully operational.
The programme’s reach includes about 19.7 million poor and vulnerable households, representing more than 70 million individuals, all listed in the National Social Register. A total of 15 million households have so far been disbursed cash transfers funded from a $800 million facility provided by the World Bank.
To date, around 8.5 million households have each received at least one payment of ₦25,000. Some households have obtained two or three of these monthly payments. The remaining roughly seven million households are scheduled to receive their payments before year end.
Edun stated that beneficiaries are verified through their National Identity Numbers and payments go directly into bank accounts or mobile wallets. He said that the goal is to build a modern system of social protection that can reliably support the most vulnerable over the long term.
Funmi Olotu, National Coordinator of NASSCO, noted that one reason payments have been staggered is the insistence on linking disbursements to verified identity information in order to improve transparency. She added that unlike the previous design which allocated ₦5,000 per month for six months, the revised plan provides ₦25,000 monthly over three months.
Olotu also stated that the National Social Register was developed in cooperation with the World Bank and takes into account more than forty socioeconomic variables. She affirmed that the selection of beneficiaries is free from political interference.