The federal government has paid poor Nigerians the sum of N330 billion in cash transfers through the National Social Safety-net Coordinating Office.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this while briefing the press, in Abuja, yesterday.
He disclosed that there were about 19.7 million poor and vulnerable households and over 70 million individuals on the National Social Register.
The cash transfers are being done from an $800 million facility of the World Bank.
According to Edun, the cash transfers are part of President Bola Tinubu’s strategies to help poor Nigerians cope with rising prices brought about by the fuel subsidy removal and the floating of the Nigerian.
He said, “This is part of the plan by Mr President to get the social protection programme that he had in mind to help the poorest and most vulnerable through the difficulties caused by the increase in the price level, as we all know, as part of the necessary reforms that were put in place.
“We are pleased to report that the social protection programme, the putting in place of a safety-net to help people cope with the rising price level, is now firmly back on track. “Of the 20 million households on the Social Register, covering about 75 million Nigerians, the programme was for 15 million households, covering 75 million Nigerians. 8.5 million households have now been paid at least one tranche of the funds that were promised to them- N25,000 Naira.
“They have two more payments to go. Some have received two, and some have received three. And following from that, because what has been put in place is a very robust system.
“People are identified biometrically by their NIN- National Identity Number. Secondly, they are paid digitally through their bank accounts or their mobile wallets. So it’s a very robust and sustainable system.”
The minister added that households yet to be paid would receive theirs before the end of the year.
“The expectation is that the other 7 million or so households will be paid by the end of the year,” he said.
Edun described the social safety net as an important aspect of every modern economy.
He said, “What Nigeria now has is a robust system of reaching whichever targeted set of people that we want to reach to help the poorest and the most vulnerable on a long-term basis.”
