The Federal Government has disbursed ₦330 billion in cash transfers to poor and vulnerable Nigerians through the National Social Safety-Net Coordinating Office (NASSCO), as part of efforts to cushion the impact of fuel subsidy removal and exchange rate reforms.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, announced this on Monday in Abuja, according to a 9am News report. He said the intervention targets 15 million households drawn from the National Social Register, which covers about 19.7 million households representing more than 70 million Nigerians.
“So far, 8.5 million households have received at least one tranche of ₦25,000. Some have received two or three payments. The remaining 7 million households will be paid before the end of the year,” Edun stated.
The programme is backed by an $800 million World Bank facility and aims to deliver direct financial relief to households most affected by recent economic reforms.
How the Cash Transfers Work
Edun explained that the initiative is built on a “robust and sustainable system,” with beneficiaries verified through their National Identity Numbers (NIN). Payments are made digitally, either through bank accounts or mobile wallets, eliminating the need for physical cash distribution.
“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,” he said.
National Coordinator of NASSCO, Funmi Olotu, said the staggered disbursements reflect President Bola Tinubu’s insistence on transparency by linking all payments to NIN.
“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,” Olotu explained.
She also stressed that the National Social Register, developed with World Bank support, is based on over 40 socioeconomic variables and free from political influence.
A Redesigned Social Safety Programme
Under the previous administration, the plan was to pay ₦5,000 monthly for six months. The Tinubu government redesigned the programme to provide ₦25,000 monthly for three months, ensuring households receive more impactful relief within a shorter period.
The government has pledged to include the cash transfer programme in the annual federal budget to ensure sustainability and long-term protection for vulnerable groups.
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