The Federal Government has so far paid N330 billion in 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, Mr. Wale Edun, disclosed this while briefing journalists in Abuja.
According to him, the payments are part of President Bola Tinubu’s social protection strategy designed to cushion the impact of fuel subsidy removal and exchange rate reforms on the poorest Nigerians.
Edun said there are about 19.7 million poor and vulnerable households translating to over 70 million individuals on the National Social Register. He explained that the ongoing cash transfers are being funded from an $800 million World Bank facility.
“Of the 20 million households on the register, the programme covers 15 million households. Already, 8.5 million households have received at least one tranche of N25,000 each, while some have received two or three tranches. The balance of about 7 million households will be paid before the end of the year,” he stated.
The minister added that the initiative has been designed with a robust verification system, with beneficiaries identified biometrically through their National Identity Number (NIN) and paid directly into their bank accounts or mobile wallets.
He stressed that social safety nets are “an important feature of every modern economy,” adding that the Tinubu administration will make provisions for the programme in subsequent annual budgets to guarantee sustainability.
On her part, the National Coordinator of NASSCO, Funmi Olotu, explained that payments were staggered because of the President’s directive that transfers must be tied to NIN to ensure transparency.
“We do direct debit transfers only. The President said no more traditional cash payments. That is why some beneficiaries received one, two, or even three tranches at different times,” she clarified.
Edun assured that with the system now fully back on track, Nigeria has laid the foundation for a modern social protection programme that can reach targeted groups consistently.
