FG disburses N330B to 15 million Nigerians

The Federal Government has disbursed N330 billion in cash transfers to poor and vulnerable Nigerians through the National Social Safety-Net Coordinating Office (NASSCO)

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this on Monday in Abuja, describing the initiative as part of President Bola Tinubu’s plan to cushion the impact of fuel subsidy removal and exchange rate reforms on the nation’s poorest citizens.

He explained that about 19.7 million poor and vulnerable households — representing over 70 million individuals — are listed in the National Social Register, with cash transfers being disbursed to 15 million households.

“So far, 8.5 million households have received at least one tranche of N25,000. Some have received two or three payments. The remaining 7 million households will be paid before the end of the year,” Edun said.

He added that the programme is built on a “robust and sustainable system,” with beneficiaries verified through their National Identification Numbers (NIN) and payments made digitally via bank accounts or mobile wallets.

According to him, the initiative will be included in the federal budget going forward to ensure its continuity.

“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,” Edun said.

Providing additional details, NASSCO’s National Coordinator, Funmi Olotu, said the staggered payments were a result of President Tinubu’s directive to link disbursements to NIN for transparency.

“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,” she stated.

Olotu noted that the National Social Register was developed in partnership with the World Bank using over 40 socioeconomic variables and remains free of political interference.

While the previous administration planned to pay N5,000 monthly for six months, the Tinubu administration redesigned the scheme to disburse N25,000 monthly for three months.

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