Minister of Finance, Wale Edun has said the federal government has restarted the provision of conditional direct N75,000 cash transfers to 75 million Nigerians to tackle the impact of inflation.
Edun disclosed this on Tuesday, May 28, at a ministerial sectoral briefing to mark the first year in office of the President Bola Tinubu administration in Abuja.
He noted that 15 million households would benefit from the social investment scheme nationwide.
Edun, who is also the chairman of the Presidential Panel of Social Investment programme explained that the cash will improve the living standard of Nigerians in the short term.
According to him, the Government has developed a system to ensure that payments go directly to beneficiaries through digital routes.
The Finance minister announced that the government has recruited Mobile Network operators to fasten the roll-out of the scheme.
He stated beneficiaries must have a National Identity Number, account number or mobile wallets to receive the cash transfer payments.
“As the Chairman of the Presidential Panel of Social Investment program, the all-important direct payment to the poor.
“Which is the veritable tool and sharpest tool we can have for attacking increased living standards. That program has been restarted.
“It involves 75 million Nigerians and 15 households with the payment of N75,000 in the immediate term.
“To ensure public trust is there we have a system that has developed between the Ministers of Communications and Digital Economy, Health, and Youths with a global best standard in providing direct payment.
“On the one hand, each person must have a National Identity Number, secondly, the payment must be through digital routes. Whether BVN, that is bank account Accounts or mobile wallets.
“Mobile Network operators have been recruited to ensure we have a faster rollout of the program. That is one of the key ways initially that the poor and vulnerable will be helped”, he said.
On January 12, Tinubu suspended all the programs administered by the National Social Investment Programme Agency and Humanitarian Ministry over alleged misappropriation.
Recall that Tinubu suspended the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu on January 8 over alleged funds’ mismanagement under NSIPA.
